{"id":105472,"date":"2024-04-02T14:17:27","date_gmt":"2024-04-02T18:17:27","guid":{"rendered":"https:\/\/\/?p=105472"},"modified":"2024-04-02T14:19:49","modified_gmt":"2024-04-02T18:19:49","slug":"first-round-of-48c-advanced-energy-ptc-dollars-distributed-by-doe","status":"publish","type":"post","link":"https:\/\/\/2024\/04\/first-round-of-48c-advanced-energy-ptc-dollars-distributed-by-doe\/","title":{"rendered":"First round of 48C Advanced Energy ITC dollars distributed by DOE"},"content":{"rendered":"

Details around the Inflation Reduction Act’s new Qualifying Advanced Energy Project Tax Credit (48C) have been released by the DOE, Dept. of the Treasury and IRS. This program is distributing $4 billion in credits for over 100 projects across 35 states that accelerate domestic clean energy manufacturing and reduce greenhouse gas emissions at industrial facilities. Of the $4 billion tax credits, $1.5 billion supports projects in historic energy communities.<\/p>\n

DOE is partnering with Treasury and IRS to implement the\u00a0Qualifying Advanced Energy Project Tax Credit<\/a>. Established by the American Recovery and Reinvestment Act of 2009, the \u00a748C Program was expanded with a $10 billion investment under the Inflation Reduction Act of 2022. At least $4 billion of the total $10 billion will be allocated for projects in designated \u00a748C energy communities<\/a> \u2014 communities with closed coal mines or coal plants as defined in Appendix C of IRS Notice 2023-44<\/a>. The \u00a748C Program provides an investment tax credit of up to 30% of qualified investments for certified projects that meet prevailing wage and apprenticeship requirements.<\/p>\n

The \u00a748C Program received significant interest from industry in Round 1. Applicants submitted project proposals seeking a total of nearly $42 billion in tax credits across all categories of projects, including nearly $11 billion for projects in designated energy communities census tracts. DOE received approximately 250 full applications from projects requesting a total of $13.5 billion in tax credits. There was great variety in the size and scope of projects, with applicants requesting tax credits ranging from under $1 million to over $100 million.<\/p>\n

Round 1 allocations include:<\/h3>\n

Clean energy manufacturing and recycling: $2.7 billion in tax credits (67% of round 1 tax credits)<\/p>\n