More than 800 concept papers were submitted to the IRS, Treasury and Energy Depts. for Round 2 of the Qualifying Advanced Energy Project Tax Credit (48C) Program. The concept papers (project proposals) equate to nearly $40 billion in tax credits while representing $200 billion in total project investments.
Round 2 of the 48C Program will only dole out $6 billion in credits, and 450 projects across 46 states and the District of Columbia were encouraged to apply for the next step. These projects span large, medium and small businesses and non-profits, all of which must meet prevailing wage and apprenticeship requirements to receive a 30% investment tax credit.
Applicants who submitted a concept paper, whether they received an encourage or discourage letter, may now submit a full application on the 48C Portal. Applications are due by Friday, Oct. 18.
The 48C Program, funded by the Inflation Reduction Act, is designed to accelerate domestic clean energy manufacturing and reduce greenhouse gas emissions at industrial facilities. DOE is partnering with the Treasury Dept. and the IRS to implement the Qualifying Advanced Energy Project Tax Credit (48C).
Round 1 of the program distributed $4 billion in credits to 100 projects earlier this year. Noteworthy solar winners included Highland Materials for its polysilicon factory and SolarCycle for its recycled glass plant.