The United States Department of Treasury, IRS, and United States Department of Energy (DOE) announced the low-income bonus credit program application under the Inflation Reduction Act on September 27, 2023.
The DOE launched a website to help applicants prepare. The website provides high-level information about the program and links to program guidance and various program resources, including an applicant user guide and FAQ. The website also includes a recording of an informational webinar hosted by Treasury and the DOE in late September. Applications will open on October 19, 2023, at 9 a.m. ET.
Successful applicants can qualify for a 10- or 20-percentage point boost to the investment tax credit for qualified solar and wind energy facilities with a maximum net output of less than five megawatts AC. Per the announcement, the goals of the program are to increase access to clean energy in low-income communities, encourage new market participants, and benefit individuals and communities that have experienced adverse health or environmental effects or lacked economic opportunities.
Applications submitted within the first 30 days will be treated as submitted at the same time and date. Thereafter, applications will be accepted on a rolling basis until the maximum 1.8 gigawatt of allocations are made.
In addition, applicants will be required to submit information for each facility with information including, but not limited to:
- Facility size and capacity
- Whether the applicant or facility meet additional selection criteria
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