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Windtech International July August 2024 issue

 

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The U.S. Department of the Treasury and Internal Revenue Service (IRS) have released proposed guidance on the Clean Electricity Production Credit and Clean Electricity Investment Credit established by President Biden’s Inflation Reduction Act.

The Inflation Reduction Act phases out the existing Production Tax Credit and Investment Tax Credit by limiting their availability to projects beginning construction before 2025 and transitioning to projects placed in service after December 31, 2024. These new Clean Electricity Credits provide incentives to any clean energy facility that achieves net zero greenhouse gas emissions.

The Notice of Proposed Rulemaking (NPRM) identifies specific technologies that meet the high environmental standards set out in the Inflation Reduction Act and would categorically qualify as zero greenhouse gas emissions for the purposes of the Clean Electricity Production Credit and Clean Electricity Investment Credit. The technologies recognized in the NPRM include wind, solar, hydropower, marine and hydrokinetic, nuclear fission and fusion, geothermal, and certain types of waste energy recovery property (WERP). The proposed guidance also clarifies how energy storage technologies would qualify for the Clean Electricity Investment Credit.

 
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