Spring 2023 Solar Industry Update

International Versions of IRA Canada via Budget 2023 • . • Clean Electricity Investment Tax Credit: 15% refundable tax credit for eligible investments in non-emitting electricity generation (wind, solar, hydro, nuclear, abated natural gas), storage, and transmission equipment, lasts from 2024-2034, and includes labor incentives. Investment Tax Credit for Clean Technology Manufacturing: 30% refundable tax credit on the cost of investments in new machinery and equipment used to manufacture or process clean technologies, or extract/process/recycle critical minerals. "Canada must either meet this historic moment - this remarkable opportunity before us - or we will be left behind." • These two tax credits are estimated to cost $25.7B + $11.1B = $36.8B CAD. Australia via the National Reconstruction Fund • $15B AUD fund to invest in 7 "priority areas" for the Australian economy: • Renewables and low-emission technologies were one category, as was mining and raw material processing. $3B AUD was allocated for investing in: green metals; clean energy component manufacturing; hydrogen electrolyzers and fuel switching; and agricultural methane reduction and waste reduction. $1B AUD was allocated for investment in advanced manufacturing. One of "the largest peacetime investments in Australian manufacturing capability." Source: Chapter 3: A Made-In-Canada Plan: Affordable Energy, Good Jobs, and a Growing Clean Economy | Budget 2023, National Reconstruction Fund | Policies | Australian Labor Party (alp.org.au), Australia's Response To Inflation Reduction Act | TaiyangNews

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