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In May, the U.S. Department of the Treasury and IRS released additional guidance on the Inflation Reduction Act’s (IRA’s) domestic content bonus, part of President Biden’s economic strategy to boost […]
The post Understanding the Domestic Content Bonus Credit and How to Maximize Incentives for Solar Projects appeared first on POWER Magazine.
An Australia-based global metal mining and green energy company has broken ground on a major hydrogen production project in Arizona, part of what the group’s founder said could be several […]
The post Major Hydrogen Project Breaks Ground in Arizona, While Dispute Over Tax Credit Looms appeared first on POWER Magazine.
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The Department of Energy (DOE) has revised eligibility criteria for the first-award cycle of its $ 6 billion Civil Nuclear Credit (CNC) program and extended its application period to Sept. 6, 2022. The action responds to a request for adjustments from the California governor’s office to better address Pacific Gas & Electric’s (PG&E’s) 2,240-MW Diablo Canyon Power Plant’s (DCPP’s) “unique circumstances.”
The DOE’s formal amendment of its April 2022–issued CNC program guidance on June 30 seeks to clarify how it interprets a reactor has met eligibility requirements that it “competes in a competitive electricity market,” as set out in the Infrastructure Investment and Jobs Act (IIJA). The changes, which the DOE adopted from a proposal it unveiled on June 17, have drawn mixed reactions from an array of stakeholders, including the nuclear industry, the power sector, and citizen and environmental groups.
The April guidance, which applies to the CNC’s first-award cycle, allowed nuclear reactors to demonstrate competitive operation during the CNC’s four-year credit period by showing units would receive 50% or more of total revenue “from sources that are exposed to market competition.”…
The Department of Energy (DOE) will next week kick off its much-watched $ 6 billion Civil Nuclear Credit (CNC) program to bolster the existing U.S. nuclear fleet by issuing a guidance document that will set down criteria for a combined certification and a sealed bid auction process.
The agency said in an April 6 update the guidance document it will make public in the week of April 18 “will define program eligibility requirements, identify all required deliverables for both certification applications and the sealed bid auction, and give details on program administration.” Because it is acting on an ambitious schedule as required by the November 2021–enacted Infrastructure Investment and Jobs Act, the agency said it will aim to issue the first certification determination and preliminary credit award decisions “expeditiously” after a 30-day open application period.
The first award cycle for fiscal year 2022 will “prioritize and be limited to reactors that are approaching near-term closure,” the DOE said in its update.…
Maryland on April 10 became the first state in the nation to pass legislation enacting a tax credit for residential and commercial energy storage installations.
The measure passed unanimously in the state Senate, and with a 101–11 vote in the House. Gov. Larry Hogan (R) is expected to sign SB 758 into law.
The bill offers up to $ 5,000 for residential installations, $ 150,000 for commercial installations, or 30% of the total cost of installations. Credits can only be claimed for systems installed between January 2018 and December 2022. The tax credit applies to all energy storage technologies.
Earlier this week, Maryland also passed HB 773, which calls for an energy storage technology study to determine how Maryland can use energy storage to open the path to a more reliable electric system.
According to the Energy Storage Association, in 2016, commercial deployment of energy storage systems grew more than 100% over the previous year and installed system costs plummeted another 30%.…