After receiving a $10 billion boost from the Inflation Reduction Act, the Biden administration is resuming a tax credit for makers of solar panels, wind turbines, fuel cells, and other sustainable energy equipment.
The U.S. Treasury Department, the U.S. Department of Energy, and the Internal Revenue Service (IRS) have publicized information on the Inflation Reduction Act in an effort to encourage investment in underserved regions and hard-hit coal communities.
The first notice announced in a press release from the Treasury expanded Qualifying Advanced Energy Project Credit.
The program offers incentives for the production and recycling of clean energy products, industrial decarbonization, and the processing, refining, and recycling of essential materials. The notice lists a wide range of projects that are eligible to apply for an investment tax credit of up to 30 percent, including the production of fuel cells, equipment for carbon capture, and crucial facilities for the processing of minerals….