Decided to suss this one out too.
Revisions to section 25D Residential Clean Energy Credit
- Changes the name of the credit from Residential Energy Efficient Property Credit to the Residential Clean Energy Credit.
- The credit is extended through December 31, 2034.
- The phase-out schedule is changed. The credit percentage is 30% for property placed in service after December 31, 2021, and before January 1, 2033; 26% for property placed in service after December 31, 2032, and before January 1, 2034, and 22% for property placed in service after December 31, 2033, and before January 1, 2035.
- The credit for qualified biomass fuel property is removed from section 25D because it has been added to section 25C.
- Adds a credit for qualified battery storage technology expenditures as long as the storage capacity is 3 kWh or greater.
The change to the phase-out schedule is effective immediately (30% credit for property installed in 2022). The battery storage credit applies to property installed after December 31, 2022.
Source:
https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_of_2022.pdf
Pages 351-353
Cross-checked with the most recent version here.
PDF (712KB)
Subject to change because it has not been signed by the President yet.
