A new Inflation Reduction Act has passed in both the U.S. House and Senate and was just signed into law by President Biden. This bill’s primary focus is on energy, climate, and tax. Specifically, according to PV Magazine, “The legislation contains numerous provisions to support the US solar industry, including a long-term extension of the federal investment tax credit, significant domestic manufacturing incentives, labor standards, production credits and more.”
Impacts of the Inflation Reduction Act on the Solar Industry
$370 billion of the allotted $600 billion budget for the new bill will concentrate on efforts to support renewable energy buildout. Some of the direct impacts on the energy industry include:
- Manufacturing Incentives
- Labor Standards
- Production Credits
- Federal Investment Tax Credit Extension
According to experts, the new law will have ripple effects through the U.S.’s efforts to combat global climate change. Decreased energy prices combined with the impacts on the national economy from the tax credit can lead to a new era of increased legislation that collaborates climate change goals with federal economy landmark decisions. More incentive placed on clean energy companies will attempt to level the playing field with fossil fuels.
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Kristen Burgess is the Marketing Specialist at Alliance of Professionals & Consultants, Inc. She has five years’ experience in curating content for digital platforms, social media contributions, and supporting marketing campaigns and strategies. Before joining the APC wolfpack, she worked in digital marketing for software as a service, giving her keen insight into the types of professionals APC hires today. In addition, she likes to stay up-to-date on the most relevant trends within the technology industry through thought-provoking podcasts and newsletters while paying attention to industry leaders’ trends. In her spare time, she serves on the Management Team and helps craft communications for the Junior League of Durham and Orange Counties.
