Page Contents
The U.S. Division of Power (DOE) on April 19 launched particulars for 35 initiatives throughout 20 states that voluntarily shared with DOE they obtained a complete of $1.93 billion in allocations of the Qualifying Superior Power Venture Credit score (48C). 48C is an allotted tax credit score funded by President Biden’s Investing in America agenda by the Inflation Discount Act, geared toward accelerating clear vitality manufacturing and recycling and decreasing greenhouse fuel emissions at industrial amenities.
The initiatives introduced right this moment are addressing crucial wants throughout the clear vitality economic system, together with grid elements (e.g., transformers), electrical automobile elements and chargers, photo voltaic elements, clear metal, crucial supplies processing and recycling, and different clear vitality merchandise. Seven of the initiatives introduced right this moment are situated in conventional vitality communities, which embody communities with closed coal mines or coal vegetation — advancing the President’s dedication to put money into the communities that have stored America’s economic system powered for generations. As a way to obtain the complete 30% funding tax credit score, initiatives receiving a 48C tax credit score should meet prevailing wage and registered apprenticeship necessities.
“The Biden-Harris Administration is executing an industrial technique that prioritizes rebuilding our home manufacturing sector, creating good-paying jobs throughout the nation,” stated U.S. Secretary of Power Jennifer M. Granholm. “By way of the historic Superior Power Venture Credit score, we’re leveraging the infrastructure, experience, and grit of America’s vitality communities—the place the employees that powered our vitality previously, will energy our vitality future.”
The IRA expanded the Qualifying Superior Power Venture Credit score (48C) to offer a further credit score allocation of $10 billion, with $4 billion put aside for initiatives in designated vitality communities.
On March 29, 2024, the IRS allotted roughly $4 billion of 48C credit for over 100 initiatives throughout 35 states, with roughly $1.5 billion allotted to initiatives in designated vitality communities. As required by statute, the 48C(e) program can launch the names of all organizations allotted a credit score and the quantity of that allocation solely after initiatives are licensed, a course of which may take as much as two years. Prematurely of that certification, as of April 18, 35 projects voluntarily self-disclosed info to DOE to share publicly as a part of right this moment’s announcement.
Lots of the recipients fall below electrical automobile manufacturing, however, a couple are straight associated with photo voltaic PV:
- Highland Supplies — Surgoinsville, Tennessee. This challenge, which is situated in a Power Neighborhood, will initially produce 16,000 Metric Tons per yr (MT/yr) of photo voltaic grade polysilicon at a lower than customary price and with a 90% discount in carbon emissions. At full capability, it should produce 20,000 MT/yr — equal to 11 GW of photo voltaic cells. Highland is working intently with Northeast State Neighborhood Faculty to develop and implement workforce improvement together with DOL licensed apprenticeship packages, together with different group help packages designed to help our workforce and the group at massive. [Credit Amount: $255.6 Million]
- SolarCycle — Cedartown, Georgia. SolarCycle is investing in a state-of-the-art $344 million glass plant that may create among the cleanest photo voltaic glass on the planet by utilizing recycled glass from retired photo voltaic techniques as an enter. In comparison with imported photo voltaic glass, this product will scale back commerce danger, enhance innovation, and create advantages for the home economic system. With help from the Division of Power, Inside Income Service, and the State of Georgia, the superior course of will produce 1,000 metric tons per day (MTD) of rolled, patterned photo voltaic glass. [Credit Amount: $64.2 Million]
The U.S. Division of Treasury and Inside Income Service anticipate issuing steerage for the second spherical of the 48C program within the coming weeks, with a submission window for required idea papers anticipated to open by this summer time.
Information merchandise from the U.S. Dept. of Power
