The financial services arm of engineering giant Siemens will be offering no-money-down options for commercial and industrial (C&I) customers in the UK to purchase energy storage systems. Siemens Financial Services announced yesterday that it will offer an “outcome-based” finance model for purchases of Siemens’ own-branded Siestorage energy storage systems, which are available to electricity users with on-site electricity demand profiles anywhere between 1MW and 100MW. Instead of buying a lithium-ion battery-based Siestorage unit outright, customers will be expected to pay for the whole system based on battery output. Head of sales in energy finance for Siemens Financial Services, Ian Tyrer, said that customers would be paying for “what the technology delivers rather than the technology itself”.
Solar Portal 2nd Aug 2017 read more »
Residential battery storage has won a partial victory after the government agreed to a tax break for battery systems, but only if they are supplied and installed alongside solar panels. The Solar Trade Association (STA) today (3 August 2017) announced that it has secured a 5% rate of VAT on battery storage instead of the standard 20% currently applied. However, in order for HMRC to allow the lower rate to apply the battery has to be sold and installed alongside solar, which already benefits from the lower rate. In a notification to the STA seen by Solar Power Portal, HMRC explained that the scope of the reduced rate set out in the VAT Act 1994 is “very tightly drawn” and that it could only be extended to storage if “there is a single indivisible supply of a battery for the storage of power generated from the solar panels”.
Solar Power Portal 3rd Aug 2017 read more »