The U.S. Department of Energy (DOE), the U.S. Department of Treasury and the IRS have authorized $4 billion in tax credits for 100 domestic projects aimed at accelerating renewable manufacturing at industrial facilities.
The agencies are partnering to implement the Qualifying Advanced Energy Project Tax Credit (48C) funded by the Inflation Reduction Act. At least $4 billion of the tax credit’s total $10 billion will be allocated for projects in designated §48C energy communities, with closed coal mines or coal plants.
The program received significant interest in its first round, says the agencies. Projects focused on clean energy manufacturing and recycling are set to receive $2.7 billion in tax credits. Those focused on criical materials recycling and refining are expected to receive $800 million, while projects centered around industrial decarbonization are slated for $500 million.
For selected projects to receive the tax credit, information will need to be submitted to the 48C portal within two years to certify the project. Within an additional two years following project certification, the project must be placed in service.
“From direct grants to historic tax credits, the president’s Investing in America agenda is making the nation an irresistible place to invest in clean energy manufacturing,” says U.S. Secretary of Energy Jennifer M. Granholm.
“The president’s agenda places direct emphasis on communities that have traditionally powered our nation for generations, helping ensure those communities reap the economic benefits of the clean energy transition and continue to play a leading role in building up the next wave of energy sources.”
The Treasury and IRS will issue a notice for the second round of the program in the coming months, with the concept paper submission window anticipated this summer.
The post DOE Announces Tax Credits to Accelerate Clean Energy appeared first on Solar Industry.
Here’s a very short video on the subject of metaphysics, the philosophy of being and reality.
It’s a great example of what I mean when I say that it has been a terrible last few centuries for philosophers.
In ancient times, if you wanted to know what the fundamental building blocks of the universe, you asked a philosopher, perhaps the ancient Athenian Democritus, who propounded the theory of the atom, which was, by definition, indivisible. Now we refer this question to the realm of particle physics.
Far more recently, those who struggled to know the ultimate nature of reality asked a metaphysician. Now, once again, we’ve put our trust in science.
I hope you’ll check out the video linked above.
As a PhD colleague once told me, “If you don’t care how much of pay for electricity, I’ll get you all the renewable energy you could ever ask for.”
They want you to invest. Have you ever asked why people with their own money at stake have abandoned these ideas 20 years ago?
At left we see why Lincoln would have done well to let the Confederacy cede from the Union. He could have simply written a letter to Robert E. Lee stating:
Keep your slaves and your land…for now. Wait until you experience the effects of near-zero industrial and military technology development and the civilized world’s refusal to trade with you barbarians. By the end of the 19th Century, a stiff breeze will blow you away. Maybe some future U.S. president will invade you with a troop of Boy Scouts with slingshots, or maybe a handful of banditos will ride up from Mexico.
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