What regulatory guidance has the government released on energy storage?
Of particular importance to the energy storage industry, the government has released final regulatory guidance for the ITC (both Section 48 and 48E of the Code), prevailing wage and apprenticeship (PWA) requirements, and transferability and direct payment, as well as other guidance on the energy community and domestic content tax credit “adders.”
How do you classify a battery storage unit?
Traditional battery storage consisted of one or two units located next to commercial and industrial property, and jurisdictions would generally classify the foundation and shell as improvements to real property — with the remaining equipment classified as machinery and equipment.
Are IRA tax benefits a viable option for energy storage facilities?
While the vitality of the IRA tax benefits in their current form is currently subject to uncertainty given the results of the federal general election, the existing market practice for financing energy storage facilities since the IRA’s passage continues to evolve in reaction to the act’s new requirements and opportunities.
Does battery energy storage qualify for a domestic content adder?
Given the current state of battery cell production in the United States, battery energy storage has largely been locked out of a financeable position on qualifying for the domestic content adder given the stated materiality of battery cells to a domestic content analysis.
What rules apply to retrofitted energy property?
Reg. Sec. 1.48-14 provides rules applicable to retrofitted energy property; rules related to dual use property; rules for treatment of certain incremental costs; special rules concerning ownership; rules related to the election to treat qualified facilities as energy property; and rules specific to qualified interconnection costs.
Is energy property eligible for the 30% bonus rate?
Energy property is eligible for the 30% bonus rate, and increased amounts under the domestic content and energy community adders, if it is part of an “energy project” and the energy project otherwise satisfies the requirements for the bonus rate or the adders. Reg. Sec. 1.48-13 defines an energy project for this purpose.
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Energy storage installations that are placed in service after Dec. 31, , and begin construction prior to Jan. 1, , are entitled to the existing ITC under Section 48(a).
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