WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued Announcement 2024-25that provides the total amount of unallocated environmental justice solar and wind capacity limitation that has been carried over from the 2023 Low-Income Communities Bonus Credit program year to the 2024 program year.

Additionally, this announcement states the distribution of the carried over capacity limitation among the facility categories, category 1 sub-reservations, and application options for the 2024 program year.

The Inflation Reduction Act provides for an increase in the energy investment credit for solar and wind facilities that apply for and receive an allocation of environmental justice solar and wind capacity limitation.

Taxpayers that receive an allocation and properly place the facility in service may then claim the increased energy investment credit in the year that the facility is placed in service.

To provide information about the application process ahead of the application opening, Treasury and the Department of Energy (DOE) hosted a webinar open to the public about the 2024 program year application process on May 16, 2024, at 1:00 p.m. ET.

Additional guidance including the 2024 Revenue Procedure, final regulations, and program resources to help applicants prepare their submissions are available on the DOE program homepage.