Addressing Future Opportunities
With inflation taking its toll on American living, the Inflation Reduction Act of 2022 is a bill from the Senate to solve this issue. This solution can significantly increase solar deployment over the next decade. Containing $370 billion in spending for renewable energy and climate change and a call for a 40% reduction in carbon emissions by 2030
How it affects solar
The provision that stands out is the extension of the solar investment tax credit to 30% for ten years, with direct checks of the tax credit available to non-profit and governmental organizations.
Renewable energy and storage manufacturing receives a big boost with $30 billion in production tax credits and 100% manufacturing tax credit.
How it affects EVs
Previously met by automakers like Tesla, Toyota, and General Motors, the $7,500 tax credit on the first 200,000 vehicles sold is coming back! The tax credit applies to car manufacturers that have met it already, and the bill will remove the cap on how many cars qualify for the tax credit. Half of the credit can only be applied depending on where the materials for the battery are made, with essential resources like lithium and nickel coming from the United States.
What it means for NWES services
We’re keeping a close eye on the situation for when and if this bill passes. We will update our offers accordingly and communicate all the new benefits available to you!
Investing in renewable energy is a way to address problems caused by climate change. Together and with the help of legislation like the Inflation Reduction Act of 2022, we can work towards a more equitable and sustainable future! Thank you for reading; until next week!