Empact Technologies is making it easier to take advantage of Inflation Reduction Act tax incentives when developing solar projects.
The company provides software solutions to manage clean energy tax incentives and has just launched a new platform specifically designed to maximize project incentives under the IRA. Empact combines powerful software with incentive compliance expertise into the industry’s first and most comprehensive IRA management platform.
Empact also announced a multi-year agreement with Stella Energy Solutions, a leading utility-scale solar and storage developer in Houston, Texas. Stella will use the Empact Technologies platform for IRA tax incentive management on all current and future solar and energy storage projects for a period of five years.
“We’re on the brink of a global transformation to a clean energy future,” said Charles Dauber, founder and CEO of Empact Technologies. “Empact’s platform will enable a more sustainable and equitable energy transition by optimizing the financial, social, and environmental impact of clean energy projects.”
According to analysts from Goldman Sachs, the IRA is the most supportive regulatory environment in clean tech history, providing an estimated $1.2 trillion of incentives by 2032.
Empact enables developers to leverage the IRA clean energy program to secure project construction financing, while ensuring regulatory compliance. Empact also provides the industry’s most robust data repository to protect investors from IRS recapture risk.
“Ensuring adherence to the new IRA tax incentive requirements is a critical element of our project financing,” said Staats Battle, senior VP of operations at Stella Energy. “We chose Empact Technologies to manage the entire process on our behalf, from working with our EPCs and project suppliers, to providing third-party proof of our compliance to our financing partners.”
Empact’s platform combines proprietary SaaS technology with professional services, enabling projects to meet IRS regulatory requirements for prevailing wage and apprenticeship, domestic content, and energy and low-income community incentives. Uniquely comprehensive, Empact’s compliance data repository includes EPC and on-site subcontractor payroll records, domestic content qualification data for steel/iron and manufactured products, as well as project location and supporting documentation for energy and low-income community incentives.
— Solar Builder magazine