Sec. 302. Zero-emission electricity acceleration grants
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Upon application, the Secretary of Energy shall, subject to the requirements of this section and the availability of appropriations for such purpose, provide a grant in an amount specified under subsection
(b)to an eligible electricity provider that, during a calendar year, places into service one or more qualified zero-emission electricity generating units and either— permanently retires every existing carbon-emitting generating unit owned by the eligible electricity provider; and replaces the generation capacity of the carbon-emitting generating units described in subparagraph
(A)with the generation capacity of such qualified zero-emission electricity generating unit or units in sufficient amounts to satisfy the condition specified in subsection (c); or generates not less than 80 percent of the electricity sold by such eligible electricity provider using generating units the operation of which does not result in the release of carbon dioxide into the atmosphere. The amount of the grant under subsection
(a)with respect to any qualified zero-emission electricity generating unit placed in service during a calendar year shall be the applicable percentage of the cost of such qualified zero-emission electricity generating unit. For purposes of paragraph (1), the term applicable percentage means— for grants provided under subsection (a)(1)— 50 percent in the case of a qualified zero-emission electricity generating unit that is placed into service between the date of enactment of this Act and December 31, 2025; 48 percent in the case of a qualified zero-emission electricity generating unit that is placed into service during calendar year 2026; 46 percent in the case of a qualified zero-emission electricity generating unit that is placed into service during calendar year 2027; 44 percent in the case of a qualified zero-emission electricity generating unit that is placed into service during calendar year 2028; 42 percent in the case of a qualified zero-emission electricity generating unit that is placed into service during calendar year 2029; 40 percent in the case of a qualified zero-emission electricity generating unit that is placed into service during calendar year 2030; 38 percent in the case of a qualified zero-emission electricity generating unit that is placed into service during calendar year 2031; 36 percent in the case of a qualified zero-emission electricity generating unit that is placed into service during calendar year 2032; 34 percent in the case of a qualified zero-emission electricity generating unit that is placed into service during calendar year 2033; 32 percent in the case of a qualified zero-emission electricity generating unit that is placed into service during calendar year 2034; and 30 percent in the case of a qualified zero-emission electricity generating unit that is placed into service during calendar year 2035; and for grants provided under subsection (a)(2)— 43 percent in the case of a qualified zero-emission electricity generating unit that is placed into service between the date of enactment of this Act and December 31, 2025; 41 percent in the case of a qualified zero-emission electricity generating unit that is placed into service during calendar year 2026; 39 percent in the case of a qualified zero-emission electricity generating unit that is placed into service during calendar year 2027; 37 percent in the case of a qualified zero-emission electricity generating unit that is placed into service during calendar year 2028; 35 percent in the case of a qualified zero-emission electricity generating unit that is placed into service during calendar year 2029; and 33 percent in the case of a qualified zero-emission electricity generating unit that is placed into service during calendar year 2030. No grant shall be made under this section unless the Secretary of Energy determines that the eligible electricity provider, as of December 31st of the calendar year the qualified zero-emission electricity generating unit for which a grant will be provided is placed in service, owns generating units that have an aggregate generation capacity that is not less than the annualized amount of generation capacity that is owned by such eligible electricity provider during the 5-year period ending on the date of the enactment of this section. In making grants under subsection (a)(1), the Secretary of Energy shall apply rules similar to the rules of section 50 of the Internal Revenue Code of 1986 (other than subsections (b)(3) and (b)(4)(A)(i) thereof). In applying such rules, if an eligible electricity provider acquires a carbon-emitting generating unit after a grant is made to the eligible electricity provider, the Secretary shall provide for the recapture of the appropriate percentage of the grant amount in such manner as the Secretary determines appropriate. Grants may be made— under subsection (a)(1) for qualified zero-emission electricity generating units that are placed into service after the date of enactment of this Act through calendar year 2035; and under subsection (a)(2) for qualified zero-emission electricity generating units that are placed into service after the date of enactment of this Act through calendar year 2030. For purposes of this section: The term carbon-emitting generating unit means a generating unit the operation of which results in the release of carbon dioxide to the atmosphere. The term eligible electricity provider means an entity in the United States that— owns one or more generating units; and sells the electricity generated by such generating units. The term generating unit has the meaning given such term in section 201 of the Clean Energy Innovation and Deployment Act of 2021 . The term qualified zero-emission electricity generating unit means a generating unit— that is placed into service after the date of enactment of this section; and the operation of which does not result in the release of carbon dioxide into the atmosphere.