When searching for a reliable turnkey power system or uninterruptible power supply (UPS), government incentives may not be part of the decision criteria. That's why we want HCI customers to know that when they purchase an HCI power system, they may qualify for a 30% tax credit in 2023 and in future years under The Inflation Reduction Act of 2022.
What is the Inflation Reduction Act?
Also known as the IRA, the Inflation Reduction Act includes a number of provisions aimed at reducing inflation and promoting economic growth. One of the most important of these provisions is the clean energy tax credit which provides incentives for businesses and individuals to invest in clean energy technologies.
This landmark act represents the largest clean energy investment in the history of the United States and aims to bring about transformative changes in the energy landscape and critical infrastructure. By incentivizing the adoption of clean energy technologies, the Inflation Reduction Act is making many clean energy solutions more affordable and valuable than ever before.
The credit is available for a variety of clean energy technologies, including solar panels, wind turbines, geothermal systems ... and HCI's Hybrid Power Shelter and Zero-Glitch Power Module (ZPM).
HCI's Hybrid Power Shelter and Zero-glitch Power Module (ZPM) Qualify for a 30% credit under the Microgrid Controller Category.
To qualify for the credit, businesses and individuals must meet certain criteria, such as installing a certain amount of clean energy capacity or using a certain percentage of renewable energy sources. The credit is also available for energy storage systems, which are important for integrating intermittent renewable energy sources into the grid. This means you could save thousands of dollars on your microgrid project!
To qualify for the tax incentives, a microgrid must:
- Be designed to operate independently or in conjunction with the main power grid.
- Incorporate renewable energy sources such as solar, wind, or geothermal power.
- Have the ability to store energy using battery or other energy storage technologies.
- Be able to provide backup power during grid outages or emergencies.
- Meet the technical standards set by the IRS to ensure that the microgrid is an efficient and reliable source of power.
To ensure that your microgrid project qualifies for the tax incentives, it's advisable to consult with a tax professional who can provide guidance on the specific requirements and procedures for claiming the incentives.
The IRA tax credit is one more way that HCI's power systems will benefit organizations. Our team is here to help you comply with the IRA application process so your HCI purchase will qualify. Head over to our IRA resource page for more details, or get in touch to learn more about HCI's power solutions.