The Internal Revenue Service (IRS) today issued an announcement with updated credit amounts for the renewable energy production tax credit (PTC) for facilities placed in service after Dec. 31, 2021. The changes are due to the Inflation Reduction Act. Announcement 2022-23 replaces the amounts published in Notice 2022-20 for those facilities. The total for such facilities is 2.75 cents per kilowatt hour for qualified energy resources of wind, closed-loop biomass, geothermal energy and solar energy. It is 1.25 cents per kilowatt hour on the sale of electricity produced by a qualified open-loop biomass, landfill gas, trash, qualified hydropower or marine and hydrokinetic renewable energy facilities.

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