Application period for second year of environmental justice solar and wind capacity limitation program opening May 28

Type
:
Obligation
Tax Area
:
Corporate Income Tax
Status
:
Guidance
Qualification
:
Various
Implemented date
:
NA
Country
:
United States
Date added
13 May
,
2024
Docxster’s Summary

The second year of the Environmental Justice Solar and Wind Capacity Limitation Program is opening on May 28. This program aims to increase access to solar and wind energy for low-income and marginalized communities. Eligible organizations can apply for funding to develop renewable energy projects that benefit these communities.

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The U.S. Department of the Treasury and IRS today announced that applications for the 2024 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 open on May 28, 2024.

Read the Treasury release

The Treasury Department and IRS also announced that approximately 325 megawatts of available capacity will rollover to the 2024 program year. This will add to the annual 1.8 gigawatts of capacity for a total of 2.125 gigawatts of capacity available in 2024. The 2.125 gigawatts of capacity for the 2024 round will be allocated as follows by category:

  • 800 MW for projects located in low-income communities
  • 200 MW for projects located on Indian land
  • 225 MW for projects located on qualified low-income residential building projects
  • 900 MW for projects that are qualified low-income economic benefit projects

All applications submitted within the first 30 days (by June 27, 2024) will be treated as submitted on the same date and at the same time. Following the initial 30-day period, the Department of Energy (DOE) will continue to accept applications on a rolling basis.

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Source :
KPMG
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