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The Biden administration plans to provide billion in tax credits for more than 100 clean-energy projects in 35 states, Axios reports. 

What’s going on: The Qualifying Advanced Energy Project Tax Credit (48C), announced late last week by the Department of Energy, the Department of the Treasury and the Internal Revenue Service, will go toward initiatives including “hydrogen-related equipment like electrolyzers; grid and offshore wind components; battery equipment and much more, per the Energy Department.”

• The 48C program, which is a federal cost-share with the private sector, “will provide an investment tax credit of up to 30% of qualified investments for certified projects that meet prevailing wage and apprenticeship requirements,” according to the Department of Energy.
• The credits will be funded primarily by the Inflation Reduction Act of 2022, with some money from the 2021 Bipartisan Infrastructure Law.

Part of a larger effort: The news comes less than a week after the administration unveiled a record-setting $6 billion to decarbonize energy-intensive industries.

Our view: “The 48C tax credit will help supercharge the work manufacturers are doing in the advanced energy space—and further the all-of-the-above energy strategy the U.S. needs to achieve our climate goals,” said NAM Director of Domestic Policy Michael Davin.