WASHINGTON, D.C. – The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released final rules today on the transferability provisions included in the Inflation Reduction Act (IRA). Following is a statement from Ray Long, President and CEO of the American Council on Renewable Energy (ACORE), on the guidance:
“It is difficult to overstate the significance of today’s announcement for the clean energy market. Transferability is a powerful tool that broadens the reach of clean energy tax credits and expands the supply of available financing for the energy transition.
“The final rules issued by Treasury today will open the door to tens of billions of dollars in additional annual clean energy investments and attract more diverse participants into the market. As our industry continues to scale to meet the nation’s skyrocketing demand for clean electricity, project owners and investors now have the certainty needed to fully leverage this key provision.
“We applaud the Department for releasing this comprehensive guidance and look forward to our ongoing partnership with the agency to achieve regulations that set the stage for America’s clean energy economy.”
Background:ACORE submitted comments in response to the proposed regulations concerning transferability and direct pay issued by Treasury and the IRS last June, which built from prior individual and joint comments on a range of pertinent issues. ACORE staff has also participated in multiple conversations and roundtables with the Biden administration on the implementation of the IRA.
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 Contact:Alex HobsonSr. Vice President, CommunicationsAmerican Council on Renewable Energyhobson@acore.org | 202.830.3592 (o) | 202.594.0706 (c)
