IRS issues new proposals for IRA renewables tax credits
- Admin
- May 31, 2024
- 1 min read
The US government has proposed new regulations regarding tax credits for renewable energy and energy storage facilities under the Inflation Reduction Act, applicable to projects after 2024. The proposed regulations encompass both Production Tax Credit (PTC) and Investment Tax Credit (ITC) facilities. These regulations define 'qualified facilities' and energy storage facilities, set tax credit rates, and invite public comments. The solar PV sector in the US has seen significant growth due to ITC and PTC, with over 50% of installations since 2020. However, challenges exist with grid capacity and infrastructure investment, leading some utilities to focus on grid projects.
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