Washington, DC – NHA President and CEO, Malcolm Woolf, released the following statement after the Department of the Treasury and Internal Revenue Service issued new rules that provide much-needed clarity on the Inflation Reduction Act’s (IRA) technology neutral credits. The new rules create broader opportunities for water power to secure pivotal investments meant to improve and strengthen American energy production:
“NHA applauds the Treasury Department and IRS for issuing new rules that will help the water power industry invest in our fleet and lower energy bills for consumers. Water power is America’s first renewable energy source, and it currently accounts for nearly 30% of U.S. renewable energy as well as 96% of long duration energy storage.
“Today, the Treasury Department and IRS rightfully included water power as an emission-free resource. Moreover, the final rule clarified that the tax credit is available for certain investments to repower existing hydropower facilities, which will help preserve the 16,000+ MW of existing hydropower currently at risk of license surrender.”
