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The Inflation Reduction Act (IRA), expected to fuel a clean-energy boom, is already living up to its promise. Since the legislation was signed into law over a year ago, hundreds of billions have been invested in clean energy projects in the U.S., with over $100 billion of solar and storage company investments. Now, low-income communities are set to benefit from the IRA with specific provisions that will be in place this fall.
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AN EXTRA 10% SAVINGS FOR YOUR SOLAR PROJECT — IF YOU ACT QUICKLY
The IRA supports clean energy projects with tax credits that can add up to unprecedented amounts. It starts with a basic 30% tax credit, assuming certain labor requirements are met. But “adders” to this tax credit can potentially push that number as high as 70%. While most projects won’t receive such a hefty tax credit, nonprofits are in a good position to benefit significantly from some of the adders.
LOW-INCOME COMMUNITIES BONUS ADDER PORTAL OPEN DATE: October 19th, 2023 will be here soon!
In addition to the base 30% credit, the IRA provides three bonus adders: the domestic content bonus adder, the energy community bonus adder, and the low-income communities bonus adder. We covered the domestic content adder and the low-income communities adder in recent webinars, and we will be hosting a webinar on the energy community adder on October 19th, 2023.
For now, we’re focusing on the low-income bonus adder, because it’s on a more urgent timeframe than the others. Recently, the Department of Energy (DOE) announced that the application portal for this bonus adder, which it’s administering as the Low-Income Communities Bonus Credit Program, will open on October 19th, 2023 at 9AM ET. This low-income adder provides an additional 10% – 20% tax credit, depending on the type of project; most nonprofit projects would qualify for the 10% credit. Nonprofits will have priority for receiving the bonus adder, but to qualify for it, they must act quickly.
Unlike the 30% credit and the domestic content and energy communities adders, which are available automatically to any project that meets their requirements, the low-income communities bonus adder requires..
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Join us for our 60-minute webinar event!
ENERGY COMMUNITY BONUS ADDER: WHAT YOU NEED TO KNOW
We are excited to invite you to part three of our Bonus Adders Webinar Tour, “Energy Community Bonus Adder: What You Need to Know.” This webinar series has been uniquely designed for nonprofits and solar industry professionals.
Key Highlights:
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Discover how Energy Community eligibility is determined
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Insights into the strategic focus of this incentive — promoting solar adoption specifically in areas with historical ties to fossil fuel production
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Understand how eligible projects can achieve a whopping 40% Investment Tax Credit thanks to the 10% bonus adder
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Join our interactive Q&A: Have your questions answered by experts during our question-and-answer session at the end of the webinar
Webinar Details:
📅 Date: Thursday, October 19th, 2023
⏰ Time: 11AM PT/2PM ET
🔗 Registration Link: https://us02web.zoom.us/webinar/register
In case you missed parts one and two of this CollectiveSun Bonus Adders Series, you can find the recordings, presentation decks, and Q&As with these links below:
Webinar-domestic-content-what-you-need-to-know/
Webinar-low-income-communities-bonus-adder-what-you-need-to-know/
Don’t miss out on this insightful session. Secure your spot now by registering through the following link:
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In the rapidly evolving landscape of solar technology, certain firms have distinguished themselves as leaders, and Omnidian is undoubtedly one of them.
Recently, we had the opportunity to connect with a dynamic duo from this organization, which has rightly earned its place among the Top 10 Solar Tech Companies in the United States. Our conversation provided an understanding of Omnidian’s unwavering commitment to their Performance Assurance Mission within the clean energy sector. Join me as we uncover the innovations and aspirations of a company shaping the future of sustainable energy.
WE WOULD LIKE TO BEGIN BY LEARNING ABOUT YOUR ORGANIZATIONAL STORY AND MISSION.
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In 2016, three seasoned solar industry professionals embarked on a journey. Initially conceived as ‘PeGu’, an acronym for ‘Performance Guarantee’, the trio soon realized the need for a name that was more than just a label—it needed to encompass their core mission and purpose. From brainstorming sessions with names scribbled on whiteboards to finalizing their brand, focusing on teamwork remained the most important asset. This led to the birth of ‘Omnidian’.
The term ‘Omnidian’ itself is an inventive amalgamation: ‘Omni’ from Latin, meaning ‘all things’, combined with a nod to the company’s intended role in ensuring the seamless and rewarding adoption of clean energy solutions—akin to a ‘custodian’.
OUR MISSION STATEMENT:
To protect and accelerate investments in clean energy through innovative technology, passionate teams, and an amazing customer experience.
WHY IS OMNIDIAN FOCUSED ON CLEAN ENERGY?
OUR VISION:
Your partner for a sustainable future.
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We aspire to create a better, more sustainable future for our environment and our planet. But our aspirations aren’t just professional—they’re personal.
We extend our promise to partner with three key constituencies for a sustainable future:
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Our Clients: We are committed to make our clients more successful by protecting and accelerating their investments in clean energy, and by providing an amazing hassle-free ownership experience for their companies, their teams, and their customers.
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Our Co-workers. Our culture is designed to enable members of our team to be their best, true self. To be heard. To be treated with dignity and respect. To grow in their careers. We desire to create a sustainable, more prosperous—and happier—future for every member of our team.
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Our Communities. We are committed to helping communities be better places to live and work. Here are just some of the ways we give time and…
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Navigating the world of solar financing can be daunting, but it doesn’t have to be. Our team of seasoned experts has been focused on delivering solar financing solutions for nonprofit and tax-exempt organizations across the country for over a decade. In just the last few years, we’ve proudly facilitated solar projects for over 200 nonprofits spanning 25 states.
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At CollectiveSun, we understand that every nonprofit is unique, and that’s why we offer a diverse range of financing options. Whether you’re considering a loan like our SunForAll Solar Loan designed to support your purchase of a solar system while allowing you to benefit directly from the Direct Pay Tax Rebate; exploring leasing options like our SunForAll Solar Lease; or seeking a hybrid funding model like our Solar Power Agreement (the SPA), we have the perfect solution to match your solar financing needs.
For information about the Inflation Reduction Act of 2022 and new bonus adders we invite you to register for our informative webinar series tour. Part 3 of 3 will be: ENERGY COMMUNITY BONUS ADDER: What you Need to Know on Thursday, October 19th, 11AM PT/2PM ET. You’ll discover how these incentives can make solar energy even more accessible and cost-effective for your nonprofit organization. You can find our other bonus adder webinar recaps here.
Together, let’s harness the power of the sun to fuel your mission and create a brighter, more sustainable future for all.
Let’s connect and start the conversation!
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In an assertive response to the escalating demands for climate solutions, the White House has announced the inception of the ‘Climate Corps’ program.
The U.S. is poised to achieve a significant benchmark in renewable energy infrastructure, with energy storage deployments forecasted to exceed 10 GW within the year.
The fall of startup A123 still haunts the US decades later—and reveals everything that’s wrong with this country’s approach to innovation.
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