Inflation Reduction Act (IRA) Has Astounding Impacts
It has been one year since the Inflation Reduction Act (IRA) was passed. According to Electrify Now based in Portland, Oregon, this act “has been making an immediate impact by creating surprising growth in domestic green energy manufacturing.” A new report from American Clean Power lists some of the astounding impacts after just one year:
- $270B of investments in clean energy manufacturing
- 83 new clean energy manufacturing projects announced
- 52 Solar power, 14 battery storage, 17 wind power projects
- 29,780 new manufacturing jobs
- $4.5B in expected customer savings
“The investments announced in the last year outnumber total investments in clean power projects commissioned over the last 8 years. It is estimated these projects will deliver nine times more solar module production and fifteen times more grid scale battery storage production than current levels.“
Find out how you can take advantage of IRA incentives to make your home safer and more comfortable.
The future is bright for clean energy
The IRA is also helping to create a surge in clean energy generation. The Federal Energy Regulatory Commission (FERC) estimates with “high probability” that solar, wind power and other low carbon sources like nuclear and hydropower will generate over 40% of U.S electric power by 2026. Recent history suggests that solar and wind growth will likely outpace FERC’s forecast, and the agency states that the 3 year pipeline for new renewable projects could be up to three times higher than their “high probability additions.”
RMI reports that global wind and solar are on an exponential growth path that will disrupt the electricity sector in the next several years. Fossil fuel based electricity generation is projected to be surpassed by clean energy this decade as solar power, the cheapest energy source in history, will halve in price, and global clean energy investments continue to greatly outpace investments in fossil fuels.
You can get clean energy in your Yolo County home by Opting Up with Valley Clean Energy and by adding a photovoltaic system on your roof if you own your home.
Get more information from Electrify America