Part I—Information on Qualified Property or Qualified Facility

If you’re claiming an investment credit with respect to a facility or property, use the table below to enter the facility information that corresponds to your credit(s).

Applicable entities making the elective payment election for the investment credits under section 48C, section 48E, or section 48 must file the following.

• Form 3468 with any required statements.

• Form 3800, General Business Credit.

4 Instructions for Form 3468 (2025)

an emissions value that you used to figure your clean electricity investment credit for a qualified facility.

LCA. Alternatively, an emissions value can be determined for a facility by using the most recent version of an LCA model, as of the time the PER petition is filed, that has been designated by the IRS for such use. See Regulations section 1.45Y-5(h)(6) for more information.

Line 1 Enter your IRS-issued registration number for the facility or property that you received from the IRS prior to making an election under section 48D(d), section 6417, or section 6418. See Pre-filing Registration Requirement For Payments and Transfers , earlier, for more information.

For Part IV filers. Enter the IRS-issued registration number of the facility if you’re the owner or the IRS-issued registration number of the qualified investment if you’re not the owner of the facility.

Line 2a

For Part VI, Section M filers. Enter the facility’s emission value or rate (kg of CO2e per kg of qualified clean hydrogen) on line 2a(i) and the DOE control number on line 2a(ii).

Provisional emissions rate. As part of the process to petition for a provisional emissions rate (PER), you must have submitted an application to the DOE for an emissions value that you used to figure your energy credit for a clean hydrogen production facility. See Election to treat clean hydrogen production facilities as energy property , later, for reporting requirements.

Line 2b

For Part V, Section A filers. Check the applicable box on line 2b(i) and/or 2b(ii) if you’re claiming a section 48E credit for a qualified facility, you petitioned for a PER, have received an emissions value from the DOE, and/or used a designated lifecycle analysis (LCA) model to determine an emissions value. Enter the DOE control number on line 2b(iii), if applicable.

You must also attach the PER petition for the facility for which the PER petition relates to the return. The PER petition must contain an emissions value and, if applicable, the associated letter from the DOE. If an emissions value is determined using a designated LCA model(s), you must also attach information to support your use of the LCA model(s). See Regulations section 1.48E-5 and Revenue Procedure 2025-14, 2025-7 I.R.B. 770 available at IRS.gov/irb/2025-07_IRB#REV- PROC-2025-14 for more information.

Emissions value. An emissions value can be obtained from the DOE or by using the LCA model designated by the IRS. An emissions value will be based on an analytical assessment of the emissions rate associated with the facility performed by one or more of the National Laboratories, in consultation with other federal agency experts as appropriate.

Line 3a Enter the type of facility or property for which you are claiming the investment credit.

Patrons, including cooperatives that are patrons in other cooperatives reporting any unused investment credits allocated from cooperatives, enter the following statement on line 3a, “Unused Investment Credit from Cooperatives.” See Cooperatives , earlier, for more information.

Line 3b If the owner of the facility in Part II, III, IV, V, VI, or VII is different from the filer, include the owner’s name on line 3b(i) and the owner’s taxpayer identification number (TIN) on line 3b(ii).

Lines 3c and 3d On line 3c, enter the address of the facility or property. On line 3d, enter the latitude and longitude coordinates of the facility or property.

Line 3e

For Part V, Section A, or Part VI filers. Check the box if the facility or energy project includes qualified interconnection property under section 48E(b)(1)(B)(i) or section 48(a)(8). See Qualified interconnection property for a section 48E credit or Interconnection property for a section 48 credit, later, for more information.

Lines 7 and 8 For an increased tax credit amount under sections 48C, 48E, or 48, you must meet the PWA requirements or one of the limited exceptions, if applicable. Go to Filers Completing Part III or Filers Completing Part V or VI , as applicable, to determine which box to check for lines 7 and 8.

Note: The PWA requirements generally apply to construction, alteration, or repair work, including work by contractors and subcontractors. This also includes work constituting re-equipping, expansion, or establishment of a section 48C qualifying advanced energy project. There are certain exceptions to these requirements.

For further information, see PWA requirements available at IRS.gov/credits-deductions/prevailing-wage- and-apprenticeship-requirements , including frequently asked questions.

PER. In the case of a facility for which an emissions rate has not been established by the IRS, if you’re the owner of such facility, you can file a petition with the IRS for determination of a PER.

As part of the process to petition for a PER, you must have submitted an application to the DOE for

Instructions for Form 3468 (2025) 5

Filers Completing Part III

For an increased tax credit under section 48C, you must meet the PWA requirements with respect to any qualified advanced energy project.

As part of a section 48C(e) application, an applicant must confirm that it intends to meet the PWA requirements by filing the “Initial PWA Confirmation” statement with the Department of Energy (DOE). When the taxpayer notifies the DOE that it has placed the project in service, the taxpayer must also confirm that it met the PWA requirements by filing the “Final PWA Confirmation” statement with the DOE.

If a taxpayer doesn’t provide an Initial and Final PWA Confirmation statement to the DOE, the taxpayer will be required to claim the section 48C credit at the 6% credit rate and the remainder of the section 48C credits allocated to the project will be forfeited.

Prevailing wage requirements. Under the prevailing wage requirements, you must ensure that laborers and mechanics employed by you (or any contractor or subcontractor) are paid wages at rates not less than the applicable prevailing wage rate for the re-equipping, expansion, or establishment of a qualifying advanced energy project.

For information on how to correct a failure to satisfy the prevailing wage requirements, and the penalty related to the failure, see section 45(b)(7)(B), and the Instructions for Forms 4255 and 7220.

Apprenticeship requirements. The apprenticeship requirements include three components: a labor hours requirement, a ratio requirement, and a participation requirement.

• Under the labor hours requirement, the taxpayer must ensure that, depending on when construction began, 12.5% to 15% of the total labor hours are performed by qualified apprentices from a registered apprentice program for the re-equipping, expansion, or establishment of a qualifying advanced energy project.

• Under the ratio requirement, the taxpayer must ensure that the applicable ratio of apprentices to journeyworkers established by the registered apprenticeship program is met for apprentices working on the qualified advanced energy project each day.

• Under the participation requirement, any taxpayer (or contractor or subcontractor) that employs four or more individuals must employ one or more qualified apprentices from a registered apprenticeship programs to perform the work.

See sections 48C(e)(6), 45(b)(8), T.D. 9998 available at IRS.gov/irb/2024-34_IRB#TD-9998 , and Notice 2023-18 for more information.

Lines 7 and 8. For line 7, check box 7c. For line 8, check box 8a or 8c, as appropriate.

Filers Completing Part V or VI

For an increased tax credit under section 48E or 48, you must meet the PWA requirements or one of the limited exceptions.

However, if you do not meet the PWA requirements or one of the limited exceptions, then you will qualify for the base 6% credit rate but not for the increased rate.

See Frequently asked questions about the PWA under the Inflation Reduction Act available at IRS.gov/creditsdeductions/ frequently-asked- questions-about-the-prevailing-wage-and-apprenticeship- under-the-inflation-reduction-act .

Qualified facility under section 48E(a)(2)(A)(ii). A qualified facility meets the requirements of an increased tax credit if it’s any one of the following.

1. It has a maximum net output of less than 1 megawatt (MW) (as measured in alternating current (ac)).

2. Construction began before January 29, 2023.

3. The qualified facility meets the PWA requirements.

Energy storage technology under section 48E(a) (2)(B)(ii). Energy storage technology meets the requirements of an increased tax credit if it’s any one of the following.

1. It has a capacity of less than 1 MW.

2. Construction began before January 29, 2023.

3. The energy storage technology meets the PWA requirements.

Energy project under section 48(a)(9)(A)(i). An energy project is a project consisting of one or more energy properties that are part of a single project under section 48.

A project meets the requirements of an increased tax credit if it’s any one of the following.

1. It has a maximum net output of less than 1 MW of electrical (as measured in ac) or thermal energy.

2. Construction began before January 29, 2023.

3. The energy project meets the PWA requirements.

Beginning of construction. There are two methods that can be used to establish that construction of a qualified facility, an energy storage technology, or an energy project has started: the physical work test and the 5% safe harbor. Although both methods can be used, only one method is needed to establish that construction has begun.

For information on how to correct a failure to satisfy the apprenticeship requirements and the penalty related to the failure, see section 45(b)(8) and the Instructions for Forms 4255 and 7220.

Physical work test. Under this test, construction begins when physical work of a significant nature begins, provided that the filer maintains a continuous program of construction.

For more information on the PWA requirements, including applicable exceptions, see IRS.gov/PWAFAQs .

5% safe harbor. Using this safe harbor, construction will be considered as having begun if:

6 Instructions for Form 3468 (2025)

1. A taxpayer pays or incurs (within the meaning of Regulations section 1.461-1(a)(1) and (2)) 5% or more of the total cost, and

2. Thereafter, the taxpayer makes continuous efforts to complete the facility, energy storage technology, or energy project.

Note: See T.D. 9998 available at IRS.gov/irb/ 2024-34_IRB#TD-9998 and Regulations section 1.45-7 and 1.45-8 for detailed information.

Prevailing wage requirements. To meet the prevailing wage requirements, a taxpayer must ensure that any laborers and mechanics employed by the taxpayer or any contractor or subcontractor in the construction (and for the 5-year recapture period for alteration or repair) are paid wages at rates not less than the applicable prevailing wage rate.

For information on how to correct a failure to satisfy the prevailing wage requirements and the penalty related to the failure, see section 45(b)(7)(B) and the Instructions for Forms 4255 and 7220.

Apprenticeship requirements. The apprenticeship requirements include three components: a labor hours requirement, a ratio requirement, and a participation requirement.

• Under the labor hours requirement, the taxpayer must ensure that, depending on when construction began, 10% to 15% of the total labor hours are performed by qualified apprentices from a registered apprentice program for the construction of a property, facility, or energy storage technology.

• Under the ratio requirement, the taxpayer must ensure that the applicable ratio of apprentices to journeyworkers established by the registered apprenticeship program is met for apprentices working on the property, facility, or energy storage technology each day.

• Under the participation requirement, any taxpayer (or contractor or subcontractor) that employs four or more individuals must employ one or more qualified apprentices from a registered apprenticeship program to perform the work.

For information on how to correct a failure to satisfy the apprenticeship requirements and the penalty related to the failure, see section 45(b)(8) and the Instructions for Forms 4255 and 7220.

For more information on the PWA requirements, including applicable exceptions, see IRS.gov/PWAFAQs .

Lines 7 and 8. For line 7, if you’re completing Part VI, section M, check box 7c. If completing any other section of Part V or Part VI, check the applicable box.

For line 8, check box 8b or 8c, as appropriate.

Increased Credit Amount Statement

If you checked the box on line 7a or 8b to claim an increased tax credit amount in Part V or Part VI, you must also attach a statement for each facility, energy storage technology, or energy project, to your return. The statement should include the following.

1. Your name, taxpayer identification number, the facility description (including the owner information, if different from the filer from Part I, line 3b(i) and 3b(ii)), and, if applicable, the IRS-issued registration number from Part I, line 1.

2. If you checked the box on line 7a, a statement that the qualified facility or energy project has a maximum net output of less than 1 MW (as measured in ac) or equivalent thermal energy.

3. For the facility, energy storage technology, or energy project that began construction before January 29, 2023, indicate that you met the continuity requirement under the physical work test or the 5% safe harbor to establish the beginning of construction.

4. For the facility, energy storage technology, or energy project that began construction on or after January 29, 2023, where you qualify for the increased credit amount based on the PWA requirements, complete Form 7220 and attach it to your return.

5. A declaration, applicable to the statement and any accompanying documents, signed by you, or signed by a person currently authorized to bind you in such matters, in the following form: “Under penalties of perjury, I declare that I have examined this statement, including accompanying documents, and to the best of my knowledge and belief, the facts presented in support of this statement are true, correct, and complete.”

Line 9 Notice 2023-38 explains rules for how filers receive a domestic content bonus credit amount for certain investments in section 48E facilities or energy storage technology, or section 48 energy projects. This notice describes certain rules regarding the domestic content bonus credit requirements, related recordkeeping, and certification requirements. It also describes a safe harbor regarding the classification of certain components in representative types of qualified facilities, energy projects, or energy storage technologies. See Notice 2023-38, 2023-22 I.R.B. 872 available at IRS.gov/irb/ 2023-22_IRB#NOT-2023-38 .