Treasury Department, IRS Announce New Clean Energy Rules
This week's renewable energy update presents the latest shifts and advancements in the sector. Here are the key developments and news stories impacting the landscape of solar energy:
What Happened This Week in Solar News
Treasury Department, IRS Announce New Clean Energy Rules
The U.S. Department of the Treasury and the IRS have proposed new rules to drive clean energy investment, as part of the Inflation Reduction Act. These rules clarify the Investment Tax Credit (ITC) for clean energy projects, including offshore wind and battery storage, and support utility-scale energy storage.
This comes in addition to recent 2023 changes from the IRS, among them being Form 8911 which offers a tax credit for EV charger installations, providing a 30% credit up to $1,000 for personal use property. This combination of new rules and tax incentives marks a significant step in the U.S. government's efforts to promote clean energy and sustainable practices.
Thinking about getting an EV charger at home? Now's the perfect time to do it. At Astrawatt Solar we make installing EV chargers easy and hassle-free. Schedule a consultation with us to chat about how you can use the IRS tax credit to your advantage.
(Source: U.S. Department of the Treasury)
U.S. and China Agree to Displace Fossil Fuels by Ramping Up Renewables
The United States and China, the world's largest climate polluters, have agreed to increase their use of renewable energy to displace fossil fuels. This agreement, announced ahead of the COP28 climate talks, aims to triple global renewable energy capacity by 2030.
While it doesn't commit China to phase out coal use, it sets significant emissions reduction targets and broadens the focus to include all greenhouse gases, not just carbon dioxide. This bilateral commitment is a crucial step in global efforts to combat climate change.
(Source: New York Times)
Shell and BP Combining Solar Energy and Agricultural Production
Oil majors like BP and Shell are investing in agrivoltaics, a novel approach that combines solar energy generation with agricultural activities. This method, exemplified by the Elm Branch Solar Farm in Texas, allows for dual land use, generating energy while supporting farming activities.
Agrivoltaics represents a sustainable solution to land-use challenges, offering new opportunities in the renewable energy sector.
(Source: CNBC)
Solar-Powered Device Produces Clean Water, Clean Fuel at the Same Time
Researchers at the University of Cambridge have developed a solar-powered device capable of producing clean water and hydrogen fuel simultaneously.
This device, which works effectively with polluted or seawater, marks a significant advancement in solar technology. It addresses critical global issues like energy scarcity and water pollution, offering a promising solution for resource-limited areas.
(Source: University of Cambridge)
Want to stay updated on the latest advancements and trends in clean energy? Click the link below to sign up for our weekly newsletter!