Green Energy Tax Credit Demand Booms in Low-Income Communities

Green energy developers and facilities filed more than 46,000 applications for tax credits through the Inflation Reduction Act’s Low-Income Communities Bonus Credit Program, according to a release by the Treasury Department, IRS and Department of Energy on Monday.

The program offers a 10- or 20-percentage point bump to the investment tax credit for qualifying wind or solar facilities in low-income communities. Around one quarter of the applications in the first 30 days were for new solar and wind energy facilities meeting additional criteria, such as being located in a low-income community or being owned by tax-exempt entities, among others. ...