WASHINGTON, D.C.- The U.S. Department of the Treasury announced the second round of project recipients for the Advanced Energy Project Tax Credit (48C). The Inflation Reduction Act provided 48C with $10 billion—including $4 billion for communities that have recently lost jobs in the coal sector. Today’s announcement represents $6 billion in tax credits to clean technology and industrial decarbonization manufacturing investments in more than 30 states. Roughly 50 projects located in coal communities—receiving approximately $2.5 billion—are included in today’s announcement. These funds will not be spent until the tax year that the project is put into service. 

Today’s announcement builds on the $4 billion in 48C tax credits announced in March 2024. In both rounds, recipients were required to meet the prevailing wage and apprenticeship requirements to receive a 30% investment tax credit 

More information about the 48C tax credit can be found in this blog post. 

Following the announcement, the BlueGreen Alliance issued a statement from Executive Director Jason Walsh: 

“The credits awarded today give manufacturers the certainty they need to invest in producing the parts and materials critical for clean energy deployment and in reducing industrial emissions. The required labor provisions will ensure that jobs created are good-paying jobs. This is particularly important in our nation’s hard-hit coal communities, where these tax credits bring new opportunities for viable career pathways. The appetite for these credits is clear and we hope to see continued support for this program.”