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Projects can't be placed in service before applying for allocation.Requires allocation by Treasury -Capped at 1.8 GW DC per year.Energy storage is eligible if "connected to" the solar or wind project Only solar and wind technologies are eligible in 20. Certain ITC projects may be eligible for bonus credits if they meet certain environmental justice criteria. The Inflation Reduction Act Section 48(e) offers new access to clean energy tax credits with an emphasis on reaching disadvantaged populations and communities with environmental justice concerns. Residential Building Project or Economic Benefit ProjectĮnvironmental Justice Wind and Solar Capacity Limitations under Section 48(e) All values assume labor requirements are met. *The ITC amount is a percentage of the total qualifying project cost basis. Wage & Apprenticeship Requirements (Requires a percentage of total labor hours performed by qualified apprentices)

Projects can qualify for additional credit amounts, described below: Category Through at least 2025, the Inflation Reduction Act extends the Investment Tax Credit (ITC) of 30% and Production Tax Credit (PTC) of $0.0275/kWh (2023 value), as long as projects meet prevailing wage & apprenticeship requirements for projects over 1 MW AC.įor systems placed in service on or after January 1, 2025, the Clean Electricity Production Tax Credit and the Clean Electricity Investment Tax Credit will replace the traditional PTC / ITC. These credits are available to taxable businesses entities and certain tax-exempt entities eligible for direct payment of tax credits (see Tax Credit Monetization below).Ĭertain projects are eligible for either the ITC or PTC, but not both. The Investment Tax Credit (ITC) and Production Tax Credit (PTC) allow taxpayers to deduct a percentage of the cost of renewable energy systems from their federal taxes. Investment Tax Credit and Production Tax Credit

Investment Tax Credit and Production Tax Credit.

Taking advantage of Inflation Reduction Act incentives, such as tax credits, is key to lowering GHG emission footprints and accelerating the clean energy transition.’ The Inflation Reduction Act incentives reduce renewable energy costs for organizations like Green Power Partners – businesses, nonprofits, educational institutions, and state, local, and tribal organizations.

Most provisions of the Inflation Reduction Act of 2022 became effective. history, offering funding, programs, and incentives to accelerate the transition to a clean energy economy and will likely drive significant deployment of new clean electricity resources. The Inflation Reduction Act of 2022 is the most significant climate legislation in U.S. This page will be updated as Treasury and other federal agencies develop guidance and responses related to the Inflation Reduction Act.

While EPA does have some Inflation Reduction Act funding opportunities, the Green Power Partnership does not and is only presenting this material for informational purposes. This page summarizes information in the Inflation Reduction Act related to renewable energy project tax provisions.