Both new and ongoing investments may be eligible as VCA expenditures, if they meet the other criteria.
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Funding for ongoing projects may be eligible if the project was initiated within the five years before the certification year. “Initiated” means that the spending decision was approved and implemented. This includes both operating costs and capital and/or depreciation expenses.
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For example, an investment in a documented lower-carbon input will qualify when the company first transitions to the preferred input (year 1), and up to four subsequent years (years 2-5) that they continue to invest in preferred input. This requirement is intended as an incentive to maintain investment in lower-carbon inputs.