IRA Archives - Solar Power World Covering the world of solar power technology, development and installation. Fri, 16 Aug 2024 18:01:07 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 https://www.solarpowerworldonline.com/wp-content/uploads/2017/07/cropped-solar-power-world-online-32x32.png IRA Archives - Solar Power World 32 32 18 House Republicans urge Speaker not to repeal IRA https://www.solarpowerworldonline.com/2024/08/18-house-republicans-urge-speaker-not-to-repeal-ira/ https://www.solarpowerworldonline.com/2024/08/18-house-republicans-urge-speaker-not-to-repeal-ira/#respond Fri, 09 Aug 2024 13:48:04 +0000 https://www.solarpowerworldonline.com/?p=106985 On August 6, 18 House Republicans, including Andrew Garbarino (NY), Lori Chavez-DeRemer (OR) and Erin Houchin (IN), sent a letter to Speaker Mike Johnson asking him to preserve the IRA after hearing concerns about repeal. “We hear from industry and our constituents who fear the energy tax regime will once again be turned on its…

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U.S. households claimed $6.3 billion in clean energy tax credits for 2023 https://www.solarpowerworldonline.com/2024/08/us-households-claimed-6-billion-clean-energy-tax-credits/ https://www.solarpowerworldonline.com/2024/08/us-households-claimed-6-billion-clean-energy-tax-credits/#respond Thu, 08 Aug 2024 19:33:06 +0000 https://www.solarpowerworldonline.com/?p=106984 The IRA extended and expanded tax credits that help households invest in residential clean energy such as solar panels, as well as home energy efficiency. New data from the Internal Revenue Service show that more than 3.4 million American families have already claimed more than $8 billion in residential clean energy and home energy efficiency…

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U.S. Senators introduce legislation to prevent Chinese companies from getting IRA dollars https://www.solarpowerworldonline.com/2024/07/u-s-senators-introduce-legislation-to-prevent-chinese-companies-from-getting-ira-dollars/ https://www.solarpowerworldonline.com/2024/07/u-s-senators-introduce-legislation-to-prevent-chinese-companies-from-getting-ira-dollars/#comments Wed, 31 Jul 2024 19:26:56 +0000 https://www.solarpowerworldonline.com/?p=106869 A group of bipartisan U.S. Senators introduced legislation today that would block taxpayer money from going to Chinese solar and clean energy companies. Sens. Sherrod Brown (D-OH), Bill Cassidy (R-LA), Jon Ossoff (D-GA) and Rick Scott (R-FL)  introduced the “American Tax Dollars for American Solar Manufacturing Act” to prevent taxpayer dollars, including funds from the…

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The future of clean energy could be decided in the 2024 presidential election https://www.solarpowerworldonline.com/2024/07/the-future-of-clean-energy-2024-presidential-election/ https://www.solarpowerworldonline.com/2024/07/the-future-of-clean-energy-2024-presidential-election/#comments Mon, 29 Jul 2024 12:00:29 +0000 https://www.solarpowerworldonline.com/?p=106829 The Biden administration unleashed a flurry of renewable energy activity since taking office in 2021, with official commitments to build more clean energy paired with massive incentives in the Inflation Reduction Act. Biden has taken more climate actions than any president before him, according to an analysis by more than 20 climate groups, including the…

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Final IRS prevailing wage rules encourage project labor agreements https://www.solarpowerworldonline.com/2024/06/irs-prevailing-wage-apprenticeship-final-rules-project-labor-agreements/ https://www.solarpowerworldonline.com/2024/06/irs-prevailing-wage-apprenticeship-final-rules-project-labor-agreements/#respond Tue, 18 Jun 2024 13:42:59 +0000 https://www.solarpowerworldonline.com/?p=106272 The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released final rules today on prevailing wage and registered apprenticeship (PWA) requirements in the Inflation Reduction Act. As part of the Biden-Harris Administration’s Investing in America agenda, the final rules will help build a strong pipeline of highly skilled workers to support the growth…

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New finance company will help small businesses access IRA tax credits https://www.solarpowerworldonline.com/2024/06/new-finance-company-will-help-small-businesses-access-ira-tax-credits/ https://www.solarpowerworldonline.com/2024/06/new-finance-company-will-help-small-businesses-access-ira-tax-credits/#respond Thu, 13 Jun 2024 12:00:43 +0000 https://www.solarpowerworldonline.com/?p=106173 Climate fintech company Giraffe Financial has launched a service specifically focused on making Inflation Reduction Act (IRA) tax credits accessible to underserved small- and medium-sized businesses and tax-exempt organizations such as local governments, schools and nonprofits. Giraffe streamlines the process of finding, claiming and monetizing IRA tax credits to help these organizations navigate what can…

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Treasury is asking for comments on updated ITC and PTC rules https://www.solarpowerworldonline.com/2024/05/treasury-is-asking-for-comments-on-updated-itc-and-ptc-rules/ https://www.solarpowerworldonline.com/2024/05/treasury-is-asking-for-comments-on-updated-itc-and-ptc-rules/#comments Wed, 29 May 2024 13:40:06 +0000 https://www.solarpowerworldonline.com/?p=106050 The Dept. of the Treasury and IRS will soon release proposed guidance on the updated production tax credit (PTC) and investment tax credit (ITC). The Inflation Reduction Act sunsets the existing PTC (Sec. 45 of the tax code) and ITC (Sec. 48) by limiting their availability to projects beginning construction before 2025. They will instead…

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DOE opens 48C manufacturing tax credit portal for Round 2 https://www.solarpowerworldonline.com/2024/05/doe-opens-48c-manufacturing-tax-credit-portal-round-2/ https://www.solarpowerworldonline.com/2024/05/doe-opens-48c-manufacturing-tax-credit-portal-round-2/#comments Wed, 22 May 2024 13:27:19 +0000 https://www.solarpowerworldonline.com/?p=105979 The Dept. of Treasury, Internal Revenue Service and Dept. of Energy (DOE) announced today that the DOE Qualified Advanced Energy Project Credit Program Applicant Portal (48C Portal) is now open for any interested applicants to register for a new round of allocations. Interested manufacturers must submit their concept papers by Friday, June 21, at 5…

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Schneider Electric buys 45X tax credits from Silfab https://www.solarpowerworldonline.com/2024/05/schneider-electric-buys-45x-tax-credits-from-silfab/ https://www.solarpowerworldonline.com/2024/05/schneider-electric-buys-45x-tax-credits-from-silfab/#respond Thu, 16 May 2024 17:13:50 +0000 https://www.solarpowerworldonline.com/?p=105936 Schneider Electric announced a collaboration with Crux, a sustainable finance technology company, to purchase Section 45X Advanced Manufacturing Production Tax Credits from Silfab Solar. Schneider Electric’s purchase of these tax credits generated supplemental investment funds for Silfab to accelerate its expansion plans for American manufacturing of solar energy for commercial and residential utilization. “We are…

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More details on IRA domestic content bonus revealed today by Treasury, IRS https://www.solarpowerworldonline.com/2024/05/more-details-on-ira-domestic-content-bonus-revealed-today-by-treasury-irs/ https://www.solarpowerworldonline.com/2024/05/more-details-on-ira-domestic-content-bonus-revealed-today-by-treasury-irs/#comments Thu, 16 May 2024 14:12:06 +0000 https://www.solarpowerworldonline.com/?p=105924 Today the Dept. of the Treasury has released long-awaited further guidance concerning the domestic content bonus within the Inflation Reduction Act. Solar developers and installers that source iron and steel products and certain manufactured products from domestic producers can receive up to a 10% bonus to the investment tax credit (ITC) or production tax credit…

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Treasury announces 2024 application opening date for low-income bonus credit program The department is also rolling over 325 MW of available capacity from 2023. https://www.solarpowerworldonline.com/2024/05/treasury-announces-application-opening-date-2024-low-income-bonus-credit/ https://www.solarpowerworldonline.com/2024/05/treasury-announces-application-opening-date-2024-low-income-bonus-credit/#comments Mon, 13 May 2024 17:33:43 +0000 https://www.solarpowerworldonline.com/?p=105885 Today, the U.S. Dept. of the Treasury and Internal Revenue Service (IRS) announced that applications will open at 9 a.m. ET on May 28, 2024, for the 2024 Program Year of the Low-Income Communities Bonus Credit Program under Section 48(e) of the Internal Revenue Code. All applications submitted within the first 30 days, by 11:59…

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In-house apprenticeship programs help contractors capitalize on IRA tax credits https://www.solarpowerworldonline.com/2024/04/in-house-apprenticeship-programs-help-contractors-capitalize-ira-tax-credits/ https://www.solarpowerworldonline.com/2024/04/in-house-apprenticeship-programs-help-contractors-capitalize-ira-tax-credits/#comments Tue, 30 Apr 2024 12:00:20 +0000 https://www.solarpowerworldonline.com/?p=105658 After the 2022 passage of the Inflation Reduction Act (IRA), demand for solar apprentices rose significantly. In order for 1-MW and larger solar projects to qualify for the enhanced value of the IRA’s tax credits, they must meet certain prevailing wage and apprentice (PW&A) requirements. Projects that comply with PW&A are eligible for a five-times…

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IRS releases final rules for solar tax credit transferability https://www.solarpowerworldonline.com/2024/04/irs-releases-final-rules-for-solar-tax-credit-transferability/ https://www.solarpowerworldonline.com/2024/04/irs-releases-final-rules-for-solar-tax-credit-transferability/#comments Thu, 25 Apr 2024 15:34:24 +0000 https://www.solarpowerworldonline.com/?p=105722 The Dept. of Treasury and Internal Revenue Service issued final regulations today describing rules and definitions for the transfer of eligible credits in a taxable year, including specific rules for partnerships and S corporations. The Inflation Reduction Act and the Creating Helpful Incentives to Produce Semiconductors act (CHIPs) enable taxpayers to take advantage of certain…

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Biden Administration announces first manufacturers to qualify for 48C tax credits https://www.solarpowerworldonline.com/2024/04/biden-administration-announces-first-manufacturers-to-qualify-48c-tax-credits/ https://www.solarpowerworldonline.com/2024/04/biden-administration-announces-first-manufacturers-to-qualify-48c-tax-credits/#respond Fri, 19 Apr 2024 15:04:09 +0000 https://www.solarpowerworldonline.com/?p=105648 The U.S. Department of Energy (DOE) on April 19 released details for 35 projects across 20 states that voluntarily shared with DOE they received a total of $1.93 billion in allocations of the Qualifying Advanced Energy Project Credit (48C). 48C is an allocated tax credit funded by President Biden’s Investing in America agenda through the…

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First round of 48C Advanced Energy ITC dollars distributed by DOE https://www.solarpowerworldonline.com/2024/04/first-round-of-48c-advanced-energy-ptc-dollars-distributed-by-doe/ https://www.solarpowerworldonline.com/2024/04/first-round-of-48c-advanced-energy-ptc-dollars-distributed-by-doe/#respond Tue, 02 Apr 2024 18:17:27 +0000 https://www.solarpowerworldonline.com/?p=105472 Details around the Inflation Reduction Act’s new Qualifying Advanced Energy Project Tax Credit (48C) have been released by the DOE, Dept. of the Treasury and IRS. This program is distributing $4 billion in credits for over 100 projects across 35 states that accelerate domestic clean energy manufacturing and reduce greenhouse gas emissions at industrial facilities.…

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