IRS Opens Second Funding Round for Qualified Advanced Energy Credit Program
The Internal Revenue Service (IRS) announced that the Energy Department’s Qualified Advanced Energy Credit Program Application Portal (Section 48C Portal) is now open for applicants to register for Round Two funding allocations. Qualified Advanced Energy Projects are those that: (1) re-equip, expand, or establish an industrial or manufacturing facility for the production or recycling of specified advanced energy products such as fuel cells, microturbines, or energy storage systems and components; (2) re-equip any industrial or manufacturing facility with equipment designed to reduce greenhouse gas emissions by at least 20 percent; or (3) re-equip, expand or establish an industrial facility for the processing, refining or recycling of critical materials. Per this notice, the second round of funding brings the 48C program to $6 billion, with approximately $2.5 billion going to projects in designated 48C “energy communities” (a map of these communities is available here). Interested manufacturers, including small-, medium-, and large-sized manufacturers, must submit concept papers by 5 pm June 21, 2024 using the 48C Portal here.
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