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IRA

Understanding the Inflation Reduction Act (IRA)

What Is the IRA?

On Aug. 7, 2022, the U.S. Senate passed the Inflation Reduction Act of 2022 (IRA). This major piece of legislation is designed to reduce the deficit, improve healthcare, boost American manufacturing, better conserve national parks, and tackle climate change by helping American residents and businesses transition to clean, renewable energy. The majority of the climate-related funding provided comes in the form of tax credits and financing for business and individuals. Smaller amounts are available as grants or direct payments to governments and other entities. Here we focus on aspects of the IRA that related to clean energy.

 

Why Is It Important?

The IRA is designed to

  • Save Lives

The IRA provides funding to monitor and reduce air pollution which is responsible for increased asthma rates and other chronic ailments.

  • Reduce the Impacts of Climate Change

The IRA provides incentives for energy efficiency and clean energy technologies as well as funding for coastal resiliency projects.

  • Revitalize American Manufacturing

The IRA requires that some technologies be manufactured or assembled in North America in order to qualify for the associated incentives.

  • Create Jobs

The IRA provides funding for the training of a clean energy workforce. Many jobs will be created as people and companies take advantage of the incentives.

  • Create Energy Equity

Various incentives and grants within the IRA are focused on environmental justice communities.

 

Which Incentive Are You Interested In?

(click below)