NewEnergyNews: IRA To Drive Green H2 Price To Ready For Primetime

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    Wednesday, August 24, 2022

    IRA To Drive Green H2 Price To Ready For Primetime

    Why the US climate bill may be the single most important moment in the history of green hydrogen; Inflation Reduction Act will make US renewable H2 the cheapest form of hydrogen in the world — and other countries will not want to be left behind

    Leigh Collins, 9 August 2022 (ReCharge News)

    “The $433bn Inflation Reduction Act of 2022 creates a tax credit that would pay clean hydrogen producers up to $3 per kilogram (adjusted for inflation)…The size of the tax credits available to US clean hydrogen producers depends on the lifecycle greenhouse gas (GHG) emissions of each project — and more importantly, on how much staff are paid…So the basic tax credit rate for “qualified clean hydrogen” is set at $0.60/kg, with a sliding scale depending on lifecycle emissions [including upstream methane emissions] — measured in carbon dioxide-equivalent (CO2e) — of the H2 produced…

    …Hydrogen manufactured [before 2033] with less than 0.45kg of lifecycle CO2e emissions per kg of H2 [verified by an unrelated third party] would receive 100% of the credit…[But the wage requirement can multiply] the size of the tax credit by a factor of five…[If laborers and mechanics employed by contractors and subcontractors are paid] at prevailing rates for construction, alteration, or repair of a similar character…

    …[B]lue hydrogen projects would be ineligible for H2 tax credits if they already receive federal tax credits for carbon capture and storage — but green hydrogen projects would also be allowed to receive renewable energy tax credits valued at $30/MWh in addition to the hydrogen ones…” click here for more

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