First Solar Forecasts Millions in Energy Tax Credit Benefits

First Solar Inc., one of the largest US solar panel manufacturers, plans to reap millions in benefits from the tax incentives in the tax-and-climate law.

The law created a new advanced manufacturing production tax credit under Section 45X for the production of specific solar, wind, and battery components. Treasury and the IRS have not released guidance on the tax credit.

The company forecasts its gross margin to be between $1.2 billion and $1.3 billion, which includes $660 million to $710 million of advanced manufacturing production credits, First Solar Chief Financial Officer Alex Bradley said in a fourth quarter ...