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IRS Announces New PTC Rate under Section 45

The IRS today released Announcement 2022-23, which sets forth the new rate for the production tax credit (PTC) under Section 45 for facilities that are placed in service after December 31, 2021. The rate is 2.75 cents per kWh for a wind facility (i) with a maximum net output of less than 1 MW, (ii) that satisfies the prevailing wage and apprenticeship requirements, or (iii) the construction of which began before the date that is 60 days after Treasury publishes guidance on the prevailing wage and apprenticeship requirements. The announcement was necessary because the Inflation Reduction Act of 2022 changed manner in which the PTC is calculated. The rate previously announced in Notice 2022-20, which is 2.6 center per kWh for a wind facility, remains unchanged for facilities that were placed in service before January 1, 2022. Here is a link to Announcement 2022-23.

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