The Tennessee Valley Authority (TVA) is accepting applications for its new Environmental Justice Solar and Wind Capacity Limitation Program until February 29, 2024. The program aims to increase solar and wind energy production in low-income and minority communities, providing economic and environmental benefits. Eligible projects will receive a 20-year contract to sell energy to TVA at a fixed price, helping to reduce financial risk for developers.
The U.S. Department of the Treasury, U.S. Department of Energy (DOE), and IRS yesterday announced that applications for the 2023 program year for the “Low-Income Communities Bonus Credit program” under section 48(e)—which allocates 1.8 gigawatts in environmental justice solar and wind capacity limitation with respect to certain solar and wind facilities placed in service in connection with low-income communities—will close on February 29, 2024.
Yesterday’s Treasury release explains that the program, established under H.R. 5376 (commonly called the “Inflation Reduction Act of 2022” (IRA)), provides an increase of 10% or 20% to the investment tax credit for qualified solar or wind facilities in low-income communities. The 1.8 gigawatts of capacity for the 2023 round is allocated as follows by category:
The initial 30-day window for applications for the 2023 program began on October 19, 2023, and closed on November 18, 2023 (read TaxNewsFlash). If qualified applications for a category submitted during the 30-day window exceed the capacity limitation for the current round, taxpayers that submit applications after the window will not be considered in the current round. Thus, although applications for the 2023 program year will continue to be accepted on a rolling basis until February 29, 2024, only applications submitted in categories with remaining capacity will be considered. Updates about how much capacity remains available by category can be accessed via a dashboard on the DOE website.
After 2023 program year applications have been processed, all applications that do not receive an allocation will be withdrawn and those applicants will need to reapply. The 2024 program, opening this spring, will unlock an additional 1.8 gigawatts of capacity.
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