On September 4, 2024, Treasury released a report based on 2023 program year data indicating that $3.5 billion in solar investments have been made in low-income communities through the Low-Income Communities Bonus Credit established under IRA section 13103, which provides a 10 to 20 percent bonus on the clean energy investment tax credit when facilities are located in low-income communities. The 2023 solar projects are expected to generate nearly 2 billion kilowatt hours of clean electricity, enough to power 200,000 average US households and generate $270 million in electricity annually for underserved communities. Projects include over 48,000 behind-the-meter residential solar systems for single and multifamily residences; nearly 100 facilities on Indian lands; over 800 facilities in affordable housing developments; and more than 300 facilities that provide greater than 50 percent of the financial benefits from energy generation to low-income households.
Opportunities for Participation and Additional Resources:
- Press Release: https://home.treasury.gov/news/press-releases/jy2557
- Report: https://home.treasury.gov/news/featured-stories/analysis-of-the-first-year-of-the-low-income-communities-bonus-credit-program-building-an-inclusive-and-affordable-clean-energy-economy
- 2023 Data: https://www.irs.gov/statistics/soi-tax-stats-clean-energy-tax-credit-statistics