Today the U.S. Department of Treasury released new guidance on the Section 45X advanced manufacturing production tax credit that passed as part of the Inflation Reduction Act (IRA).
Following is a statement from Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association (SEIA) on today’s guidance:
“This guidance provides important clarity for American manufacturers that are eagerly awaiting the certainty they need to invest and create jobs. SEIA has been a steadfast advocate for effective clean energy industrial policy, and today we secured several wins that will cement the United States as a global hub for solar and storage production.
“Companies that use contracted manufacturing facilities now have the flexibility to quality for the 45X production tax credit. The guidance also includes incentives for production of optimized inverter systems, a critical component for the growing residential solar sector.
“America is undergoing the largest expansion of domestic solar manufacturing in history, and today’s developments will help support this economic boom. SEIA looks forward to providing further comments to Treasury and urges the Department to swiftly finalize these rules so companies can fully capitalize on the potential of American solar and storage manufacturing.”