US DOE awards US$4 billion through Qualifying Advanced Energy Project Tax Credit scheme

By JP Casey
April 4, 2024
LinkedIn
Twitter
Reddit
Facebook
Email

The US government has announced US$4 billion in tax credits for over 100 projects under the Qualifying Advanced Energy Project Tax Credit (48C) scheme, of which US$2.7 billion has been allocated for clean energy manufacturing projects, including solar PV.

The scheme was established under the 2009 American Recovery and Reinvestment Act, and given an additional US$10 billion under the 2022 Inflation Reduction Act (IRA), as the US looks to expand its domestic manufacturing of a number of clean energy technologies. The initiative grants an investment tax credit as high as 30% for projects that meet what the Department of Energy (DOE) called “prevailing wage and apprenticeship requirements.”

The scheme is operated by the DOE, the Department of Treasury (DOT) and the Internal Revenue Service (IRS), and the majority of funding has gone towards what the DOE calls “clean energy manufacturing and recycling” projects. This funding forms the first round of the initiative, with the DOT noting that it will issue a notice for the second round of allocations “in the coming months”.

While the department did not specify how much of the funding would go towards specific technologies, such as solar PV, it noted that projects receiving funding included clean hydrogen fuel cells, energy storage and grid infrastructure and electric vehicles.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

Not ready to commit yet?
  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Of the funding, US$800 million will go towards recycling, processing and refining of critical minerals, while US$500 million will be committed to industrial decarbonisation projects.

The DOE also noted that it received 250 applications from projects, requesting a total of US$13.5 billion in tax credits, with individual applicants seeking anywhere between US$1-100 million.

To read the full version of this story, visit PV Tech.

Read Next

October 24, 2025
Redwood Materials has closed a US$350 million Series E funding round to scale up its critical battery materials and energy storage businesses.
October 23, 2025
Tetchi Capellan, a pioneer of solar PV in the Philippines, discusses the country’s crucial turning point in its adoption of energy storage.
Premium
October 22, 2025
John Zahurancik, Americas president at Fluence, discussed industry trends and policy directions with ESN Premium at this year’s RE+.
October 20, 2025
Production has begun at a battery energy storage system (BESS) factory designated as a project of strategic importance by the European Commission (EC) due to its use of local supply chains.
October 17, 2025
The New South Wales Independent Planning Commission has approved Ark Energy’s 3,148MWh Richmond Valley solar-plus-storage project in Australia.

Most Popular

Email Newsletter