€4,000 saved through Smart Farming in Monaghan
So now is probably a good time to look back at some of the savings identified by previous participants in the programme.
Emyvale farmer, Christy McKenna identified €4,000 in savings when he took the Smart Farming challenge.
Feed management was one of the biggest areas identified for savings on Christy’s farm. He was given advice on how to achieve the 76% target for silage dry matter digestibility, as well as how to reduce silage effluent.
Other areas included identifying energy savings of up to €1,000 and improving grassland management to increase milk yield.
Christy’s recommendation to other farmers considering Smart Farming is to get involved, “The free Smart Farming cost saving study completed on my farm provided a great opportunity to look at how I can improve my returns while enhancing the environment. The follow-on discussion with my neighbours here on the farm was a great way for us to learn from one another.”
Brian McIlvenna, Sustainable Energy Authority of Ireland explains how you can save
About the scheme
The Sustainable Energy Authority of Ireland promotes the Accelerated Capital Allowance (ACA) scheme to encourage investment in energy efficient equipment and systems. The scheme was opened to sole-traders including farmers for the first time in 2017.
Under the ACA scheme 100% of capital expenditure on approved equipment can be off-set against profit in the year of purchase.
Consider a farming operation who spends €10,000 on approved energy efficient equipment, in a year in which it earns €30,000 in profit (i.e farmer is paying tax at the 20% standard rate).
Approved equipment is listed in the Triple E Register maintained by the SEAI and covers a wide range of commercial, industrial, and farming equipment including lighting and pumps.
The register can be seen at www.seai.ie/Your_Business/Triple_E_Product_Register
ACA benefits to the farmers
The ACA offers the following benefits:
Claiming the ACA in 3-steps
1. Decide upon required equipment.
2. Ensure equipment model is on the ACA specified list (Triple E register) before making purchase.
3. On the tax return form, make the ACA claim.
Expenditure within each equipment category must, at the end of the accounting period, be equal to or exceed minimum expenditure amounts relevant for each category.
More information on the ACA can be found as follows:
Tel. 1850 37 66 66 website: www.seai.ie/aca
Last chance to win!
Your last chance to WIN a nutrient management plan & lime worth up to €2,500 for your farm
To enter just watch the video below, go to www.smartfarming.ie/competition and tell us: What are the two benefits of Smart Farming listed on the video.