This is the recording of the webinar on August 8 hosted by Caleb Quaid and Randy Lucas. Click Randy’s name to learn more about him. Signed in law in August 2022, the IRA creates and/or funds more than 130 programs totaling over $370 billion in support of renewable energy, energy efficiency, and decarbonization. One year later, how does the IRA affect us, our businesses, and communities? How do we access the funding and understand the legislation?...
Key Point Summary The Inflation Reduction Act (IRA) Section 48C provides $10 billion in funding for advanced energy projects, including solar, wind, electric vehicles, green infrastructure, critical materials, and carbon capture technologies. Upgrades in energy-intensive sectors like cement, iron, steel, aluminum, and chemical manufacturing to reduce greenhouse gas emissions are also eligible for funding. Round 1 funding of $4 billion has a deadline to submit Concept Papers to the Department of Energy by July 31, 2023, with Round 2 of funding for the remaining $6 billion anticipated in 2024....
In the market for a used electric vehicle? Check to see if the model of vehicle you want is eligible for a tax credit here: list of qualified vehicles Beginning January 1, 2023, if you buy a qualified used electric vehicle (EV) or fuel cell vehicle (FCV) from a licensed dealer for $25,000 or less, you may be eligible for a used clean vehicle tax credit under Section 25E of the Inflation Reduction Act equal to 30% of the sale price up to a maximum credit of $4,000....
Key Points Summary The IRS has issued proposed guidance for applying and qualifying for the Low-Income Community bonus for small commercial Solar and Wind projects (under 5 megawatts). This guidance is not yet official, as there is a review/comment period until June 30, 2023. Under the proposed guidelines, qualified solar and wind projects located in Low-Income Communities may receive an additional 10% or 20% tax credit. However, the program is capped and competitive, so not all projects are likely to qualify....
On May 12, 2023, the IRS issued Notice 23-38 to outline the guidelines for projects that qualify for the Domestic Content Bonus Credit under Section 48 Investment Tax Credit or Section 45 Production Tax Credit in the Inflation Reduction Act. Below are key takeaways as you plan projects for your business. This article will speak mostly about Commercial Solar projects under the Section 48 Investment Tax Credit. What projects does this apply to?...