Although tax exempt, not-for-profits (including schools, churches, and public/municipal locations) must file annually with the IRS to maintain their status. Under the Inflation Reduction Act, tax exempt entities and institutions may report an investment in a renewable project. The IRS, in return, will refund a part of that investment.
- As a baseline, there is a 30% return of the total project cost. This extends until 2032 and is retroactive to any projects during 2022.
- An additional 10% bonus credits apply to products meeting “domestic content” guidelines. Bergey wind turbines, manufactured in Norman, Oklahoma, USA, are therefore qualified for a 40% return.
- An additional 10% is available if your project is in a “brownfield” location, or a community with a recent coal plant or mine closure.
- And, additional 10% bonus credits are available if your project is in a designated “low-income community”.
CALL US AT (405) 364-4212
IF YOU HAVE ANY QUESTIONS