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.
Renewable Energy
From the Independent: “Trump Administration to Pay Two More Companies to Walk Away from U.S. Offshore Wind Leases”
From this article in The Independent:
The Trump administration announced two more payouts Monday for energy companies to walk away from U.S. offshore wind projects under development.
Bluepoint Wind and Golden State Wind have agreed to end their offshore wind leases in exchange for reimbursements totaling nearly $900 million. Both companies have decided not to pursue any new offshore wind projects in the United States, the Interior Department announced Monday.
Bluepoint Wind is an offshore wind project in the early stages of development off the coasts of New Jersey and New York, while Golden State Wind is a floating offshore wind project proposed off California’s central coast.
Trump is hellbent on destroying the renewable energy industry so as to benefit his billionaire friends in fossil fuels.
He’s on course to be remembered as the most destructive person in world history, with the possible exception of Adolph Hitler.
What is said here about Pete Hegseth is clearly true.
But keep in mind that he’s fiercely loyal to Donald Trump, and Trump couldn’t possibly care what happens to the United States, as long as he can stay out of prison and enrich himself and his family.
Here’s an article that outlines how the EU has lowered energy prices via its investment in renewables.
In truth, the economics of all this is complicated. In most of the world, there are subsidies for clean energy, just as there are subsidies for Big Oil. If you want to remove the environmental regulations of coal-fired power plants and let them make fortunes by turning our atmosphere into their own private sewers, you can probably make coal-powered energy very inexpensive.
One thing is clear though, looking through all this complexity: the countries whose people actually care about the future of life on Earth are aggressively decarbonizing their energy and transportation sectors, and there is a great deal to be said for this.
In the United States, we’re rapidly going in the other direction. Shame on us.
From the Independent: “Trump Administration to Pay Two More Companies to Walk Away from U.S. Offshore Wind Leases”
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