IRS Notice: Credit for Renewable Electricity Production, Adjustment Factor and Reference Price for 2024 (IRC §45)

Inflation adjustment factor for qualified energy resources is 1.9499 and the reference price for facilities producing electricity from wind is 3.15 cents per kilowatt that are used in determining the availability of the credit for renewable electricity production under I.R.C. §45 for 2024, the IRS released. The 2024 inflation adjustment factor and reference price apply to calendar year 2024 sales of kilowatt hours of electricity produced in the United States or a possession thereof from qualified energy resources, the IRS explained. The reference prices for facilities producing electricity from closed-loop biomass, open-loop biomass, geothermal energy, solar energy, municipal solid waste, ...