Federal Tax, Tax

2022 Renewable Electricity Production Credit Amounts

The IRS has provided new 2022 Renewable Electricity Production Credit amounts for qualified facilities. New credit amounts were needed because the Inflation Reduction Act changed the way these amounts are calculated. The 2022 credit amounts on the sale of electricity produced in a qualified facility placed in service after Dec. 31, 2021, are: 2.75 cents per kilowatt hour from energy resources of wind, a closed-loop biomass facility, and geothermal and solar energy; and 1.25 cents per kilowatt hour from an open-loop biomass facility, a landfill gas facility, a trash facility, a qualified hydropower facility, or a marine and hydrokinetic renewable energy facility. Contact the Cg Team for more information. © 2022