Aurthor: US DOE OEJE Staff Published: 9/6/2024 DOE Office of Energy Justice and Equity
The U.S. Department of the Treasury has released a report with new data on the success of the 2023 program year of the Inflation Reduction Act’s Low-Income Communities Bonus Credit Program. The report demonstrates how the program is lowering American families’ energy costs as part of the Biden-Harris Administration’s economic agenda. DOE’s Office of Energy Justice and Equity administers the Low-Income Communities Bonus Credit Program in partnership with the U.S. Department of the Treasury and the IRS.
More than 49,000 solar facilities were awarded bonus credits in the first year of the groundbreaking program; and investments are estimated to fund generation of nearly $270 million worth of clean energy annually in underserved communities. Learn more
New Proposed Rules Issued to Expand Clean Energy Investments in Underserved Communities
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued a Notice of Proposed Rulemaking (NPRM) for 48E(h), the Clean Electricity Low-Income Communities Bonus Credit Program, created by the Inflation Reduction Act. DOE’s Office of Energy Justice and Equity administers the Low-Income Communities Bonus Credit Program in partnership with the U.S. Department of the Treasury and the IRS. The program promotes cost-saving clean energy investments located in low-income communities, on Indian lands, within affordable housing, or directly benefitting low-income households.
The 48E(h) Clean Electricity Low-Income Communities Bonus Credit Program builds on the first-of-its-kind Low-Income Communities Bonus Credit Program, also known as 48(e). The transition from 48(e) to 48E(h) opens the program to additional clean energy technologies beyond wind and solar such as hydropower and geothermal.
Treasury invites comments during the 30-day comment period and will host a public hearing on October 17, 2024, and a Tribal consultation on September 27, 2024. Learn More.
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