(MENAFN) By the end of February, the US Treasury Department, Internal Revenue Service (IRS), and Energy Department are set to conclude the acceptance of applications for solar and wind energy projects situated in low-income communities.
In a statement issued on Monday, the Treasury Department announced that as of February 29th, at 11:59 p.m. EST, the three agencies will cease to receive new applications for the 2023 program year of the Inflation Reduction Act’s Low-Income Communities Bonus Credit Program.
"Applications for the 2023 program year will continue to be accepted on a rolling basis until that time, and only applications submitted in categories with remaining capacity will be considered," the release mentioned.
The Treasury Department highlighted that the program experienced significant interest, with over 46,000 applications submitted for new energy facilities situated in low-income communities during the initial 30-day application period.
These applications collectively account for more than 8 gigawatts of generation capacity. Looking ahead, the statement indicates that the 2024 program, set to commence in the spring, is anticipated to unlock an additional 1.8 gigawatts of capacity.
Under President Joe Biden's Inflation Reduction Act, qualified solar or wind facilities in low-income communities are eligible for a 10- or 20-percentage-point boost to the Investment Tax Credit, as outlined in the statement.
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