{"id":105648,"date":"2024-04-19T11:04:09","date_gmt":"2024-04-19T15:04:09","guid":{"rendered":"https:\/\/\/?p=105648"},"modified":"2024-04-29T12:22:58","modified_gmt":"2024-04-29T16:22:58","slug":"biden-administration-announces-first-manufacturers-to-qualify-48c-tax-credits","status":"publish","type":"post","link":"https:\/\/\/2024\/04\/biden-administration-announces-first-manufacturers-to-qualify-48c-tax-credits\/","title":{"rendered":"Biden Administration announces first manufacturers to qualify for 48C tax credits"},"content":{"rendered":"
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Laminate pulled from a solar panel before recycling at SolarCycle’s Odessa, Texas facility.<\/p><\/div>\n

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)<\/a>. 48C is an allocated tax credit funded by President Biden\u2019s Investing in America agenda through the Inflation Reduction Act, aimed at accelerating clean energy manufacturing and recycling and reducing greenhouse gas emissions at industrial facilities.<\/p>\n

The projects announced today are addressing critical needs across the clean energy economy, including grid components (e.g., transformers), electric vehicle components and chargers, solar components, clean steel, critical materials processing and recycling, and other clean energy products. Seven of the projects announced today are located in traditional energy communities, which include communities with closed coal mines or coal plants \u2014 advancing the President\u2019s commitment to invest in the communities that have kept America\u2019s economy powered for generations. In order to receive the full 30% investment tax credit, projects receiving a 48C tax credit must meet prevailing wage and registered apprenticeship requirements.<\/p>\n

\u201cThe Biden-Harris Administration is executing an industrial strategy that prioritizes rebuilding our domestic manufacturing sector, creating good-paying jobs across the country,\u201d said U.S. Secretary of Energy Jennifer M. Granholm. \u201cThrough the historic Advanced Energy Project Credit, we are leveraging the infrastructure, expertise, and grit of America\u2019s energy communities\u2014where the workers that powered our energy past, will power our energy future.\u201d<\/p>\n

The IRA expanded the Qualifying Advanced Energy Project Credit (48C) to provide an additional credit allocation of $10 billion, with $4 billion set aside for projects in designated energy communities.<\/p>\n

On March 29, 2024, the IRS allocated approximately $4 billion of 48C credits for over 100 projects across 35 states, with approximately $1.5 billion allocated to projects in designated energy communities. As required by statute, the 48C(e) program can release the names of all organizations allocated a credit and the amount of that allocation only after projects are certified, a process that can take up to two years. In advance of that certification, as of April 18, 35 projects<\/a> voluntarily self-disclosed information to DOE to share publicly as part of today\u2019s announcement.<\/p>\n

Many of the recipients fall under electric vehicle manufacturing, but a few are directly related to solar PV:<\/p>\n