BlueGreen Alliance | US Departments of Energy and Treasury Release New Details on 48C Allocations

US Departments of Energy and Treasury Release New Details on 48C Allocations

April 19, 2024

The U.S. Departments of Treasury and Energy today released additional details about the first round of project recipients receiving the Advanced Energy Project Tax Credit (48C). Initial information about the selections was announced in March 2024, but project specifics could not be made available at that time.

The new information includes details of 35 projects across 20 states that qualified for the first round of the tax credit. The projects include manufacturing of components for the wind and solar industries, transformers for the electric grid, efforts to bolster the domestic battery supply chain, and the production of electrolyzers.

The Inflation Reduction Act provided 48C with $10 billion—including $4 billion for communities that have recently lost jobs in the coal sector. The tax credit was designed to strengthen the country’s clean technology supply chains and support emission reduction projects in energy intensive sectors. Applicants can receive an investment tax credit worth up to 30% of a project’s costs if they offer a prevailing wage and employ from apprenticeship workforce pools.

More information about the 48C tax credit can be found in this blog post.

Following the announcement, the BlueGreen Alliance issued a statement from Executive Director Jason Walsh:

“Since day one, the Biden administration has seen the importance of marrying efforts to build domestic supply chains and drive down emissions with the creation of good-paying, union jobs, something the BlueGreen Alliance and our labor and environmental partners have long advocated for. We can see the benefits of that prioritization playing out in real time in projects detailed today. Under the 48C tax credit, domestic supply chains for crucial technologies will grow, local economies will be strengthened, and opportunity will return to energy communities that have been on the hurting end of our nation’s energy transition for too long. We look forward to learning more about these and other projects supported by the 48c credit.”