WASHINGTON, D.C. – The U.S. Treasury Department released proposed guidance today on the “energy communities” bonus provision of the Inflation Reduction Act. Following is a statement from Gregory Wetstone, President and CEO of the American Council on Renewable Energy (ACORE):
“We are grateful for the helpful clarity the Treasury Department provided today on an important provision of the Inflation Reduction Act (IRA). The IRA includes key incentives designed to help fossil fuel and frontline communities benefit from the transition to clean energy. Today’s guidance will help renewable energy developers and investors better understand how this program will work and where the boundaries lie for the ‘energy community’ designation. We are encouraged by the duration of the energy community qualification, the inclusion of a new mapping tool, and clarity that offshore wind projects can qualify for the bonus when interconnection facilities are located in energy communities.
“This new guidance is a constructive response to the reality that there is a great deal of capital ready to flow into the renewable sector under the IRA, even as players on all sides of the transaction want to be sure they have a solid understanding of how the law works and what must be done to qualify for incentives. We are encouraged and impressed with the Administration’s commitment to fully maximizing the economic and environmental benefits of this transformative legislation.”
ACORE submitted both individual and joint comments to the U.S. Treasury Department seeking clear IRA guidance on a range of important topics, including the energy community bonus. ACORE staff has also participated in stakeholder roundtables with the Biden administration. Today, ACORE’s President and CEO Gregory Wetstone is at the White House for the Energy Communities IWG Summit.
For more than 20 years, the American Council on Renewable Energy (ACORE) has been the nation’s premier pan-renewable nonprofit organization. ACORE unites finance, policy and technology to accelerate the transition to a renewable energy economy. For more information, please visit www.acore.org.
Sr. Vice President, Communications
American Council on Renewable Energy
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Dylan HelmsAssociate, Communications American Council on Renewable Energy firstname.lastname@example.org | 202.891.7868 (o) | 727.290.8804 (c)