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A Section 12J VCC is a company formed in terms of section 12J of the Income Tax Act, 1962 (ITA) – it is essentially a pooling mechanism created by the South African Revenue Service (SARS) to encourage largely high net worth individuals to invest in start ups. The incentive to invest in a Section 12J VCC comes from the fact that investors get a full tax rebate on the funds invested into the Section 12J VCC. So, if a person in the highest tax bracket (presently 45%) invests R 1 million, they will get a tax rebate of R 450,000, meaning that the net investment is R 550,000.
Persimmon Energy is a Section 12J VCC registered with SARS ( SARS VCC Registration number VCC-0103 ) and a Registered Financial Services Provider ( FSB Licence number 49030)
Today, business has become increasingly aware solar has the potential to help deliver cost-effective energy to both small and large commercial users. South Africa’s climate is ideal for solar and ranks amongst the highest average sunshine hours per year at around 2500 As electricity costs keep rising, solar is becoming an ever more viable and coste-ffective option for businesses in South Africa. The cost outlay for a system can be recouped in four to six years on average. That’s an attractive internal rate of return especially considering solar electricity is free after the initial payback period.
Solar’s increasing importance is demonstrated by the South African government’s support for solar through various tax incentives including the J12 VCC model and 12L sections. Persimmon Energy has a significant pipeline of projects from commercial customers interested in signing long term power purchase agreements.