– Applications for the 2024 Program Year of the Low-Income Communities Bonus Credit Program will open on May 28, 2024 at 9:00 a.m. ET.
– Approximately 325 MW of available capacity will rollover to the 2024 program year, adding to the annual 1.8 GW of capacity.
– The program provides a boost to the investment tax credit for qualified solar or wind facilities in low-income communities to spur clean energy investment and create jobs.
The U.S. Dept. of the Treasury and IRS are opening applications for the Low-Income Communities Bonus Credit Program on May 28, 2024. Applications submitted within the first 30 days will be treated equally. Approximately 325 MW of capacity will rollover to the 2024 program year, adding to the annual 1.8 GW of capacity available.
During the initial 30-day application window in 2023, over 46,000 applications were received, representing more than 8 GW of generation capacity. A webinar about the 2024 program year application process will be held on May 16, 2024. The program provides a boost to the investment tax credit for solar or wind facilities in low-income communities and aims to lower energy costs and support clean energy jobs.
The program annually allocates 1.8 GW of capacity across four categories of qualified solar or wind facilities. At least 50% of the capacity will be reserved for facilities meeting additional selection criteria. U.S. Deputy Secretary of the Treasury Wally Adeyemo praised the program for creating jobs and lowering energy costs in underinvested communities. President Biden’s economic agenda is expected to continue driving growth in the clean energy economy.