AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
Critical ops facebook10/26/2022 Here’s what Justin Baca from the Solar Energy Industries Association (SEIA) had to say about the impact on the bill on domestic manufacturing: “We’ve had a number of disruptions to our supply chain, which we’ve felt particularly acutely in the past nine months or so. Keeping clean energy manufacturing domestic eliminates a great number of economic and diplomatic risks. Up to $20 billion in loans to build new clean vehicle manufacturing facilities across the country 5.$2 billion in grants to retool existing auto manufacturing facilities to manufacture clean vehicles, ensuring that auto manufacturing jobs stay in the communities that depend on them.$10 billion investment tax credit to build clean technology manufacturing facilities, like facilities that make electric vehicles, wind turbines and solar panels.manufacturing, which in turn drives down the domestic prices of clean energy products. Here’s how the bill plans to accelerate U.S. Estimates put the amount of investment at $30 billion. The bill would provide tax credits to accelerate domestic manufacturing of solar panels, wind turbines, batteries and critical minerals processing. Here are the takeaways of how the legislation aims to wean off of oil and gas without sacrificing the security of the energy sector. has long prided itself on its independence, historically through its rich oil and gas resources. It would provide a $4,000 consumer tax credit for low- to-middle income individuals to buy used clean vehicles, and up to a $7,500 tax credit to buy new clean vehicles. It also includes a $1 billion grant program to make affordable housing more energy efficient.Įlectric vehicles would also be a big winner if the bill passes. The legislation also aims to help conserve electricity - offering $9 billion in consumer home energy rebates to help Americans afford energy-conserving technologies like heat pumps, electric HVAC and efficiency retrofits. We’ve been building a clean energy future with hammers and nails this bill could provide us with the power tools to accelerate construction.” Incentivizing Energy Conservation It would provide bonus credits for certain installations, and include a separate low-income credit.Īccording to Lisa Frank, the executive director of Environment America’s Washington Office: “These credits would help Americans go solar, buy electric vehicles and retrofit their homes – all at an unprecedented scale. The legislation would likely modify and extend the tax credit until 2025, while providing additional tax credits including energy storage systems, wind turbines and clean hydrogen technology. It’s been wildly successful in growing domestic investment in clean energy. You probably have heard of the federal solar tax credit, or Investment Tax Credit (ITC), which offers a 26% credit against the installation costs of qualified renewable energy equipment like rooftop solar panels and wind turbines. Here’s how the bill addresses the affordability of clean energy sources like residential solar, electric vehicles (EVs) and energy efficiency retrofits: Consumer Tax Credits for Clean Energy Drew Angerer / Getty Images Making Clean Energy AffordableĪlthough clean energy products have finally hit the mainstream, their expense makes them inaccessible to most Americans. Senate Majority Leader Chuck Schumer (D-NY) speaks to reporters during a news conference at the U.S. To preface, the legislation is subject to change. Increasing the resilience of rural communitiesīelow, we’ll debrief top takeaways from the 2022 Inflation Reduction Act, and what they mean for the future of energy.Decarbonizing all sectors of the economy.So what exactly would the package entail? How would it affect the everyday consumer if passed?įirst, let’s go over the main climate-related challenges that the legislation aims to address: The renewable energy industry, long frustrated with the roadblocks to the Build Back Better Act, breathed a sigh of relief with the announcement. on a path to cut emissions 31% to 44% below 2005 levels in 2030. If enacted, the legislation would be the biggest climate change action to-date, putting the U.S. On Wednesday, Senate Democrats announced a surprise agreement on a $369 billion climate and tax package.
0 Comments
Read More
Leave a Reply. |