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Solar Power Modules and Inverters Will Have Zero Import Tax Starting Today, August 1st. Products Typically Have a 12% to 14% Tax.
The Federal Government has decided to eliminate the import tax on more than 109 solar power generation equipment, such as photovoltaic inverters, static converters, and trackers used for solar panels. Bolsonaro Inaugurates Solar Power Plant in Goiás and Ensures That “The Sun Will Not Be Taxed”
This action came from the Executive Management Committee of the Chamber of Foreign Trade last Thursday (August 27th) and includes various products. The inclusion of the new items in the list of solar power products exempt from import tax under the ex-tariff condition will take effect starting August 1st.
The measure continues the elimination of taxes on other solar power components announced in July and aims to help stimulate business during the crisis caused by the new Coronavirus, where the depreciation of the real against the dollar increases the costs of components for generation with the technology, which mainly relies on imports from China.
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On the other hand, the few companies that manufacture solar power equipment in Brazil may find their competitiveness pressured compared to imported products, which traditionally already have cost advantages.
However, the country still has another 3.4 gigawatts in distributed generation, in cases where, for example, solar panels are used at home. According to Aneel, the sector has shown strong growth here, both in large power plants and for residential installations.
Still, solar energy currently represents just under 2% of the operating capacity in Brazil, according to data from the National Electric Energy Agency (Aneel), with enormous potential for expansion in the coming decades.
