On Aug. 16, 2022, President Joe Biden signed into law the Inflation Reduction Act of 2022 (IRA), which includes new and revised tax incentives for clean energy projects. This alert provides a summary of the IRA’s impact on tax credits for energy storage technologies, which were extended and significantly expanded. Additional alerts will provide summaries of the IRA focused on credits for other clean energy technologies.
On Dec. 2, 2022, the U.S. Department of Commerce (DOC) released its preliminary determinations over the ongoing investigation into whether solar cells and modules imported from certain Southeast Asian countries were circumventing U.S. duties on solar modules manufactured in the People’s Republic of China.
These findings arrive in the wake of a two-year moratorium on tariffs on solar cells and modules imported from Cambodia, Malaysia, Thailand and Vietnam, as a result of Presidential Proclamation 10414.
The investigation, which began in March 2022, was prompted by allegations made by U.S.-based solar manufacturers against their Chinese competitors, claiming that the accused companies were evading tariffs by selling their products through the four Southeast nations.
The DOC released its preliminary determinations after a thorough investigation into eight companies based in the four Southeast Asian countries. The DOC preliminarily concluded that four of the eight companies were bypassing U.S. tariffs by exporting Chinese-made solar modules that were only sent to Southeast Asia for minor processing before shipment. The table below summarizes the DOC’s preliminary findings.…
On Sept. 16, 2022, the Department of Commerce (DOC) issued its final rule effectuating a two-year moratorium on tariffs on certain solar cells and modules exported from Cambodia, Malaysia, Thailand and Vietnam.
As discussed in McGuireWoods’ June 7, 2022, alert, “President Biden Orders Tariff Exemption for Solar Panels,” President Biden’s Proclamation 10414 issued on June 6, 2022, declared an emergency and authorized the Secretary of Commerce to allow the importation of solar cells and modules exported from Cambodia, Malaysia, Thailand and Vietnam for up to two years. …
Continue Reading Department of Commerce Issues Final Rule Imposing Tariff Moratorium for Solar Panels
Did you miss our July 14, 2022 webinar?
McGuireWoods is organizing a series of webinars and events for utilities, private equity, independent sponsors, energy developers and other market participants pursuing energy investments in the North American offshore wind sector.
The White House announced a partnership on June 23, 2022, with 11 East Coast states to accelerate the growth of the United States’ offshore wind industry. The Biden administration offered the partnership to strengthen national energy security in a time of energy instability and simultaneously pursue a clean energy future.
Continue Reading White House Launches Federal-State Offshore Wind Partnership to Supercharge Production by 2030
Yesterday, June 6, 2022, President Biden ordered various emergency measures to combat a shortage of solar modules and related components in the United States, including declaring a tariff exemption of up to two years on certain solar cells and modules exported from Cambodia, Malaysia, Thailand and Vietnam.
Continue Reading President Biden Orders Tariff Exemption for Solar Panels
On March 28, 2022, the U.S. Department of Commerce (DOC) announced it is investigating whether imports of solar panels assembled in Cambodia, Malaysia, Thailand and Vietnam are circumventing duties intended to limit imports of solar cells and panels from China, in violation of anti-dumping rules. The announcement of an investigation is already impacting current and future solar developments using crystalline silicon photovoltaic cells (CSPV).
Continue Reading U.S. Department of Commerce Investigation of Solar Panel Imports Puts Solar Projects at Risk
On March 25, 2022, the Biden-Harris administration issued a press release announcing a May 11, 2022, wind energy auction of 110,091 acres in the Carolina Long Bay offshore wind energy area off North Carolina’s coast. This announcement marks a tangible step closer to the Biden-Harris administration and state of North Carolina’s clean energy goals of achieving 30 GW and 2.8 GW, respectively, of offshore wind power by 2030.
Continue Reading Biden’s Path to Clean Energy: May 11 North Carolina Offshore Wind Lease Auction
The beginning of 2022 has dealt most markets a difficult hand. Many industries are grappling with increased production and shipping costs, supply chain constraints, rising inflation and increased volatility — and the solar energy industry appears to be no exception.
Continue Reading Feeling the Heat: Solar Projects Face Rising Costs and Increased Uncertainty