Treasury Department, IRS Release Initial Guidance on Technology-Neutral Tax Credits

WASHINGTON, D.C. – The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released initial guidance today on the technology-neutral tax credits (Sections 45Y and 48E). Following is a statement from Ray Long, President and CEO of the American Council on Renewable Energy (ACORE), on the guidance:

“Today’s announcement is another ‘win’ for American consumers seeking affordable, reliable, and clean electricity.

“The technology-neutral tax credit simplifies the tax code and is expected to lower the average annual electric bill by $29-74 per household in the next six years and $42-95 by 2035. This amounts to tens of billions of dollars in electricity cost savings for U.S. families.

“The tax credit increases American energy security and reliability by deploying new clean electric generation from wind, solar, battery storage, and other zero-carbon technologies. Analysis has shown that by 2035, clean energy capacity will increase by up to 50%.

“From this clean energy deployment, our environment will be substantially cleaner. By 2035, carbon emissions are expected to drop 43-73% below 2022 levels.

“This is truly a game-changing policy for all Americans. ACORE applauds the Treasury Department for releasing this guidance, and we look forward to the significant economic growth, job creation, and other benefits that will follow.”

##

About ACORE:
For over 20 years, the American Council on Renewable Energy (ACORE) has been the nation’s leading voice on the issues most essential to renewable energy expansion. ACORE unites finance, policy, and technology to accelerate the transition to a renewable energy economy. For more information, please visit www.acore.org.

Media Contacts:
Alex Hobson
Sr. Vice President, Communications
American Council on Renewable Energy
hobson@acore.org | 202.830.3592 (o) | 202.594.0706 (c)

Dylan Helms
Manager, Communications
American Council on Renewable Energy
helms@acore.org | 202.935.6491 (o) | 727.290.8804 (c)