NewEnergyNews: New Tax Credits For New Energy

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    Wednesday, November 30, 2022

    New Tax Credits For New Energy

    Renewable Energy Incentives from the Inflation Reduction Act

    November 29, 2022 (Marcum Accountants and Advisors)

    “…[The Inflation Reduction Act (IRA) signed into law by President Biden on August 16, 2022, is] the most significant piece of legislation for the renewable energy and storage space in almost 20 years…[Its extends federal tax incentives of] up to $369 billion for new solar, wind, thermal, and energy storage devices over the next decade…[It extends and expands] the Investment Tax Credit (ITC) through December 31, 2025, for solar, wind, geothermal, biogas, combined heat and power (CHP) facilities, and microgrid projects that begin construction before December 31, 2025…

    …[It also] includes other technologies, such as carbon capture sequestration (CCS), clean hydrogen, nuclear power, and biofuel…[It] also extends the Production Tax Credit (PTC) for wind, biomass, geothermal, solar, landfill gas, and other projects…To claim the [full value of the] enhanced 30% ITC and 2.6 cents kilowatt (kWh) PTC, solar developers and their sub-contractors must [provide apprenticeships and] use union labor or prevailing wages …

    ...[Credits can be increased if projects use] domestically produced materials, such as steel and iron (100% U.S.-made), and the total materials for the project are at least 40% U.S.-made…[and if they located at a brownfield] or a [low-income] environmental justice area…[Project developers] can transfer ITC or PTC to a third party [and make arrangements for use of them with tax-exempt entities]…This provision creates a new marketplace for tax credits…[The passage of the IRA will help] create more clean, renewable energy for our country.” click here for more

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