This tax credit is available to entities that have already submitted an application under the 48C program. As of August 29, 2024, The U.S. Department of Treasury, the Internal Revenue Service and the U.S. Department of Energy had received over 800 concept papers — project proposals — seeking a total of nearly $40 billion in tax credits, representing $200 billion in total project investments, for Round 2 of the Qualifying Advanced Energy Project Tax Credit (48C) Program. Of the nearly $40 billion, approximately $10.3 billion is from projects in designated energy communities census tracts. Applications are now open and after initial review applicants are encouraged to apply for the next stage of evaluation to determine which projects will receive a tax credit. There is up to $6 billion in tax credit allocations for the second round for the 48C(e) program, including approximately $2.5 billion for projects located in 48C(e) designated energy communities. Applicants who submitted a concept paper, whether they received an encourage or discourage letter, may now submit a full application on the 48C Portal.