Landmark US Tax and Climate Bill offers tax credits for clean hydrogen production
Hopes for hydrogen in the US have been heightened after the breakthrough Tax and Climate Bill was agreed on Thursday (July 28), seeing the US Senate offer a $3 per kg in tax credits, that look to make green hydrogen cheaper to produce than grey.
Under the $433bn Inflation Reduction Act of 2022– described by US President Joe Biden as the ‘most significant legislation in history to tackle the climate crisis’ – qualified clean hydrogen producers look set to receive a tax credit for up to $3 per kg of hydrogen, effectively taking $3 per kg off the cost of production.
At current prices, the tax credit would see production costs of green hydrogen in the Rockies, Southern California, Mid-continent and Northwest of the US the cheapest in the world.
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