What are the clean energy elements discussed within the Inflation Reduction Act (IRA)?
The IRA invests $369 billion in clean energy and energy efficiency programs. This investment is designed to reduce the United States' reliance on foreign oil and bring down energy prices. The clean energy sections of the IRA include:
Extending and expanding the Production Tax Credit (PTC) and Investment Tax Credit (ITC) for renewable energy. These tax credits make it more affordable for businesses to invest in renewable energy projects.
Investing in clean energy research and development. This investment will help to accelerate the development of new clean energy technologies.
Creating a new Clean Electricity Performance Program. This program will reward utilities for generating electricity from clean sources.
Investing in energy efficiency programs. This investment will help to reduce energy consumption and save consumers money on their energy bills.
The IRA is expected to create millions of new jobs in the clean energy sector. The law is also expected to reduce the federal budget deficit and increase economic growth.
Here are some of the key takeaways from the clean energy sections of the IRA:
The IRA is the largest piece of legislation ever to address climate change.
The IRA is expected to create millions of new jobs and reduce the federal budget deficit.
The IRA is still in its early stages of implementation, but it is expected to make a positive contribution to reducing inflation and growing the economy.
Here are some specific examples of how the IRA is expected to help the clean energy sector:
The extension and expansion of the PTC and ITC are expected to spur investment in solar, wind, and other renewable energy projects.
The investment in clean energy research and development is expected to help to accelerate the development of new clean energy technologies, such as carbon capture and storage.
The Clean Electricity Performance Program is expected to reward utilities for generating electricity from clean sources, such as solar and wind.
The investment in energy efficiency programs is expected to help to reduce energy consumption and save consumers money on their energy bills.
The IRA is a significant piece of legislation that is expected to have a major impact on the clean energy sector. The law is still in its early stages of implementation, but it is expected to make a positive contribution to reducing emissions and growing the economy.
Lanton Law is a national boutique law and government affairs firm that closely monitors legislative, regulatory and legal developments in the clean energy space. Contact us to learn about how either our legal or lobbying services can help you attain your goals.