The application portal for the 2024 Low-Income Communities Bonus Credit Program opened on May 28, with a 30-day initial application window ending at 11:59 pm ET on June 27. All applications during the initial window are treated as received at the same time and thus have an equal chance of receiving a capacity allocation from the capacity allotted to the applicable category or sub-reservation, as follows:

Owners of qualified wind or solar facilities with net capacity below 5 MW, and which satisfy the applicable category criteria, are eligible for an additional 10 or 20 percent investment tax credit under Section 48(e) of the Internal Revenue Code if they apply for and receive a capacity allocation. Please see our prior alerts for additional detail about the adder and the application process, available here and here.

The Department of Energy (DOE) will review applications submitted after June 27 on a rolling basis. Nonetheless, owners are advised to submit their applications during the initial period, as most categories were oversubscribed during the 2023 application cycle, with applications representing more than four times the 1.8 GWs of capacity available for allocation. The DOE program homepage has various program guidance to assist applicants with preparing their submissions.