The U.S. Department of the Treasury and the IRS have released final rules for the Section 48 Energy Credit, also known as the Investment Tax Credit (ITC), to provide clarity and certainty for clean energy project developers. The ITC has historically supported clean energy development by offering tax credits for investments in qualifying clean energy property, fostering growth in the sector. The recent Inflation Reduction Act extends the ITC and PTC until 2025, transitioning to a tech-neutral approach until 2033 to encourage more investments in clean power projects. This initiative aims to strengthen America's clean energy economy, lower utility bills for consumers, enhance energy security, and create good-paying jobs. The final rules address stakeholder feedback, including offshore wind, geothermal heat pumps, biogas, energy project definitions, and co-located energy storage. Notable clarifications include allowing offshore wind farm owners to claim the credit for specific equipment, defining eligibility for geothermal heat pump owners, specifying qualified biogas property, revising the definition of an energy project, and permitting credit for co-located energy storage technology. Additionally, the rules provide clarity on hydrogen energy storage property, allowing flexibility in its usage beyond solely energy purposes. These measures aim to remove uncertainties and barriers that clean energy developers face, facilitating significant investments in clean power projects.