REAP will host six quarterly competitions to obligate $1.05 billion throughout the remainder of FY 2023 and FY 2024.Understanding these will be key to the completion of a successful application. The program is undergoing numerous changes with the infusion of funds from the IRA. RBCS How-To Apply Video Series for Applicants.

See a full list of applicable tax credits for direct pay. For more information about using direct pay on projects that are receiving grants and forgivable loans, click here.Īpplicable entities can use direct pay for 12 of the Inflation Reduction Act’s tax credits, including for generating clean electricity through solar, wind, and battery storage projects building community solar projects that bring clean energy to neighborhood families installing electric vehicle (EV) charging infrastructure and purchasing clean vehicles for state or city vehicle fleets. Unlike competitive grant and loan programs, in which applicants may not receive an award, direct pay allows entities to get their payment if they meet the requirements for both direct pay and the underlying tax credit. Thanks to the Inflation Reduction Act’s “elective pay” (often called “direct pay”) provisions, tax-exempt and governmental entities will, for the first time, be able to receive a payment equal to the full value of tax credits for building qualifying clean energy projects. In addition to providing incentives to spur private-sector investment, the Inflation Reduction Act includes game-changing new provisions that will enable tax-exempt and governmental entities-such as states, local governments, Tribes, territories, and nonprofits-to take an active role in building the clean energy economy, lowering costs for working families, and advancing environmental justice. The Inflation Reduction Act introduced and expanded tax credits for clean energy technologies, providing unprecedented policy certainty and opportunity for entities that manufacture, install, and produce clean energy over the next decade. Get Involved Show submenu for “Get Involved””Ĭlean Energy Tax Provisions in the Inflation Reduction Actįunding for Tribes in the Inflation Reduction Act.The White House Show submenu for “The White House””.Office of the United States Trade Representative.Office of Science and Technology Policy.Executive Offices Show submenu for “Executive Offices””.Administration Show submenu for “Administration””.

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