Tag Archive for: ira

The US IRA stands to make solar energy a more viable option for renters and to people whose homes are not suitable for rooftop arrays.

Over the past decade, a boom in renewable energy made rooftop solar increasingly practical for US homeowners — but it largely left out the 44 million households that rent, and those unable to afford to go green. The Inflation Reduction Act is now poised to change that dynamic, expanding access to low-cost, carbon-free solar energy by providing generous incentives for what’s known as community solar.

Developers of these smaller-scale projects install solar panels on vacant land in or near communities, or on the rooftops of commercial buildings. Renters, apartment dwellers and people whose homes are not suitable for rooftop arrays can then subscribe to a community “solar garden,” paying a monthly fee based on their electricity consumption. In exchange, they receive a discount on their utility bills for the clean power they’re helping supply to the grid.

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Source: Bloomberg

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The IRA is going to transform America’s energy economy, and the forecasts show a wave of clean energy and manufacturing investments

President Joe Biden’s sweeping climate legislation is expected to boost US solar installation, but lingering bottlenecks in the global supply chain and trade issues mean most gains won’t be realized until 2024.

Clean-energy developers are forecast to install more than 215 gigawatts of solar panels during the next five years, according to a report published Thursday from the Solar Energy Industries Association and Wood Mackenzie. That’s 40% more than the Washington-based trade group expected without the Inflation Reduction Act, the climate-friendly bill signed into law last month.

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Source: Bloomberg

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The Inflation Reduction Act of 2022 extended that tax credit for the decade to come, and we can expect solid continued growth again.

The U.S. solar energy industry has grown tremendously in the past decade. That growth has actually been one of the most phenomenal economic growth stories across the whole U.S. economy. However, the “Covid Era” hit solar hard, and it has struggled to get back on the trajectory it was on.

The latest industry-wide data we have from the U.S. Solar Energy Industries Association and Wood Mackenzie show a near leveling off of growth. (Note that all of the following data and analysis from these parties comes from before the passing or even introduction of the Inflation Reduction Act of 2022.)

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Source: Clean Technica

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