Treasury Department, IRS Release Final Guidance on Technology-Neutral Tax Credits

January 7, 2025

WASHINGTON, D.C. – The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released final guidance today on the technology-neutral tax credits, the Clean Electricity Production Credit (Section 45Y) and the Clean Electricity Investment Credit (Section 48E). Following is a statement from Ray Long, President and CEO of the American Council on Renewable Energy (ACORE), on the final rules:

“ACORE applauds the Treasury Department and the IRS for releasing a final rule that modernizes the federal tax code. At long last, we have a well-designed, technology-neutral, level playing field for energy tax policy that will lead to significant economic growth, job creation, and lower costs for American consumers.

“The technology-neutral tax credit simplifies the tax code and is expected to cut the average annual electric bill by $29-74 per household in the next six years and $42-95 by 2035. This amounts to tens of billions of dollars in electricity cost savings for U.S. families. Research also shows how technology-neutral tax credits will spur an additional $336 billion in investment, 237 gigawatts of clean energy deployment, and a net gain of 97,000 jobs over the next 15 years in comparison to a scenario where these tax credits are not present.

“This is truly a game-changing policy, and we’re looking forward to the affordable, reliable, clean electricity that it will help enable.”

About ACORE:
For over 20 years, the American Council on Renewable Energy (ACORE) has been the nation’s leading voice on the issues most essential to clean energy expansion. ACORE unites finance, policy, and technology to accelerate the transition to a clean energy economy. For more information, please visit www.acore.org.

Media Contact:
Dylan Helms
Manager, Communications
communications@acore.org

The post Treasury Department, IRS Release Final Guidance on Technology-Neutral Tax Credits appeared first on ACORE.

https://acore.org/news/treasury-department-irs-release-final-guidance-on-technology-neutral-tax-credits/

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