November 17, 2023
ACORE Statement on the Treasury Department’s Section 48 ITC Guidance
WASHINGTON, D.C. – The U.S. Treasury Department has released preliminary guidance on the Section 48 Investment Tax Credit, which was expanded under the Inflation Reduction Act (IRA) to include new credits for fast-growing technologies such as offshore wind, battery storage, and microgrid controllers. Following is a statement from Gregory Wetstone, President and CEO of the American Council on Renewable Energy (ACORE), on the notice of proposed rulemaking released this morning:
“Thanks to the IRA, clean energy businesses now have access to a stable tax platform like the one enjoyed by the fossil fuel sector for more than a century, but to fully take advantage of these benefits, they need to understand how the provisions work. The tax guidance released today provides important clarity to developers and investors looking to further America’s energy transition. We remain impressed by the Administration’s commitment to fully maximizing the economic and environmental benefits of this transformative legislation, and plan to continue working closely with Treasury in support of fair, timely, and practicable final rules across all facets of the clean energy tax package.”
Background:
ACORE submitted both individual and joint comments to the U.S. Treasury Department seeking clear IRA guidance. ACORE staff has also participated in stakeholder roundtables with the Biden administration on the implementation of the IRA.
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About ACORE:
For more than 20 years, the American Council on Renewable Energy (ACORE) has been the nation’s premier pan-renewable nonprofit organization. ACORE unites finance, policy, and technology to accelerate the transition to a renewable energy economy. For more information, please visit www.acore.org.
Media Contacts:
Alex Hobson
Sr. Vice President, Communications
American Council on Renewable Energy
hobson@acore.org | 202.830.3592 (o) | 202.594.0706 (c)
Dylan Helms
Associate, Communications
American Council on Renewable Energy
helms@acore.org | 202.935.6491 (o) | 727.290.8804 (c)
The post ACORE Statement on the Treasury Department’s Section 48 ITC Guidance appeared first on ACORE.
ACORE Statement on the Treasury Department’s Section 48 ITC Guidance
My doctor, who knows that I understand physics and renewable energy in particular, asked me today what I thought about wind turbines on boats.
I explained that, since boats need their own ways to generate electricity, what is called “small wind” may make sense. Most ships have diesel-powered generators, and that’s an option for smaller craft as well, and solar is not an attractive option because of the small area.
Doctors generally don’t have time to kill, but he asked me further about small wind, to which I explained:
Because the area of a circle is proportional to the square of the radius, big is better. If you can build a turbine with a radius 100 times larger than a small one, you’re going to generate 10,000 time more power.
Because the power generated by a turbine is proportional to the cube of the wind’s velocity, if you can site a turbine in wind conditions that are 10 times those on your rooftop, with trees and other buildings slowing the wind down, you’re going to generate 1000 times more power.
So, as usual, the answer resides in physics and math. 1000 times 10,000 is 10 million, which is why we see huge turbines on structures that lift huge turbines high above the ground, and it’s why the small wind industry has essentially disappeared.
If you don’t understand elementary school math and high school science, and you have money to burn, the investment offered at left may be right for you.
It’s interesting that there is no Fox News (or equivalent) in Canada.
The Canadians have protections of free speech that are very similar to ours in the States, and, like the U.S., these rights are not absolute. One difference is that Canada prohibits gross misrepresentation, which, in this case means that presenting opinions and calling it “news” is against the law. Lies are fine; calling them “news” is not.
A possible name for a show with the same content might be “Conservative Viewpoints” or “The Way the Right Wing Sees the World.”
Where Canada protects its people from malicious bullshit, in America we say, “Money talks.”
Former Labor Secretary Robert Reich makes an excellent point at left.
The constant onslaught of distractions coming out of Trump’s mouth is calculated make us give up striving for truth, honesty, and environmental responsibility.
We mustn’t quit.
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