The Inflation Reduction Act will upend key tenets of utility resource planning, including the need for bottom-up forecasting to account for a pending surge in electric vehicle and building load, according to panelists at a National Association of Regulatory Utility Commissioners meeting.
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The manufacturing production tax credits for wind, solar and battery components built in the U.S. that were included in the Inflation Reduction Act could have a value of up to 18 cents per watt and are likely to spur interest in domestic production of clean energy, tax experts said during the RE+ conference in Anaheim, California last week.
Growing scale, Inflation Reduction Act subsidies could push green hydrogen prices negative: RE+ panel
With industry efforts already targeting $2/kg hydrogen by 2030, the $3/kg hydrogen subsidy contained in the Inflation Reduction Act could push green hydrogen prices into negative territory in some regions — and render it nearly free in many others, Brenor Brophy, vice president of project development at Plug Power, noted during the RE+ conference last week.
The Inflation Reduction Act of 2022 represents a historic investment in clean energy. The new law with $369 billion dedicated to clean energy could bring consumers tens of thousands of dollars in tax incentives and discounts and nearly $2,000 a year in savings from reduced energy costs, while creating millions of new jobs in construction, service and manufacturing over the next decade. Supporters believe that cleaner air also will prevent thousands of premature deaths a year that stem from indoor and outdoor pollution.
Investments in battery factories, solar panel manufacturing and mining will help the Biden administration meet targets for reducing greenhouse gases.
Renewable energy is set for an unprecedented boom in the US in the wake of its first ever climate bill, with the capacity of solar and wind projects expected to double by the end of the decade and providing the bulk of total American electricity supply, new analysis has shown.
The fight against climate change will need big investments in infrastructure like solar and wind farms, transmission grids and low-carbon industry. But it also needs many more small-scale investments for hundreds of millions of homes and businesses — and that kind of work is best done locally.
The IRA’s New and Expanded Tax Credits for Projects to Support Clean Energy Manufacturing and Recycling
Projects that produce or recycle wind turbine blades, manufacture energy storage equipment, or refine or blend renewable or low-carbon fuels may qualify for up to a 30 percent tax credit under the Inflation Reduction Act (IRA). The IRA provides some significant wins for US manufacturers of renewable energy technology, expanding the advanced project credit and creating a new manufacturing production credit. The goal is to reduce carbon emissions as well as stimulate and quickly scale up domestic manufacturing to support the US clean energy economy.
The Inflation Reduction Act—announced by Senate Majority Leader Chuck Schumer (D-NY) and Sen. Joe Manchin (D-WV) on July 27, 2022—offers the best opportunity yet to address the climate crisis. The legislation makes a historic investment of $369 billion in climate action over the next decade through clean energy deployment, domestic
In the last year, three pieces of legislation have become law (or are poised to soon) that advance clean energy programs and provide funding to get the job done
Total clean energy funding contained in these bills is a whopping $450 billion, with additional provisions that enable further clean energy funding