Tuesday, February 13, 2024
Year : 2, Issue : 7
The US Treasury Department, Internal Revenue Service and Energy Department will close applications for solar and wind energy facilities in low-income communities by the end of February.
The Treasury Department said Monday in a statement that the three agencies will no longer accept new applications for the 2023 program year of the Inflation Reduction Act’s Low-Income Communities Bonus Credit Program after Feb. 29 at 11.59 p.m. EST.
“Applications for the 2023 program year will continue to be accepted on a rolling basis until that time, and only applications submitted in categories with remaining capacity will be considered,” said the statement.
The Treasury noted that the program received more than 46,000 applications for new energy facilities located in low-income communities during the initial 30-day application window.
While the applications represent more than 8 gigawatts of generation capacity, the 2024 program that will open in the spring is expected to unlock an additional 1.8 gigawatts of capacity, according to the statement.
US President Joe Biden’s Inflation Reduction Act provides a 10- or 20-percentage-point boost to the Investment Tax Credit for qualified solar or wind facilities in low-income communities, it added.
Source: Anadolu Agency
