Tag Archive for: ira

The industry has seen US manufacturing expansion and groundbreaking announcements directly triggered by the IRA at the end of 2022.

Robust federal clean energy policy has laid the groundwork for a decade of explosive growth for the solar and storage industries. A 10-year extension of the investment tax credit, new incentives for domestic solar product manufacturing and many other provisions will help solar and storage meet the increasing demand for home-grown, clean energy.

The industry has already seen U.S. manufacturing expansion and groundbreaking announcements directly triggered by the Inflation Reduction Act at the end of 2022, with developers eager to collect the 10% ITC adder for sourcing domestic content. From mounting companies like Nextracker, with an expanding manufacturing facility in Pennsylvania, to panel makers like Heliene, with expansion plans at a Minnesota facility, the legislation is delivering more solar manufacturing to U.S. soil.

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Source: Solar Power World

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Clean energy investments soared in a recent three-month period, totaling $40 billion and equaling the entire amount invested in 2021.

Clean energy investments soared in a recent three-month period, totaling $40 billion and equaling the entire amount invested in 2021, according to an industry group.

The report by American Clean Power, a trade group, covers a period of growth the clean energy sector saw between Aug. 16, the day the Inflation Reduction Act was signed into law, and Nov. 30, including the announcement of 20 new clean energy manufacturing facilities or facility expansions.

Twelve are solar manufacturing facilities, representing more than a 300% increase in solar module manufacturing capacity in the U.S. and a potential new 22 GW. Overall, 13 GW of clean energy project capacity have been announced.

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Source: Utility Dive

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State policymakers and utility regulators can put more consumers and communities on a path to long-term energy affordability and mitigate the impact of future energy price spikes.

Last year’s shocking winter heating prices are back with a vengeance: Natural gas heating costs are expected to rise 28% compared to recent winters. One in six households are already behind on their utility bills, and national utility bill debt doubled from December 2019 to June 2022, according to the National Energy Assistance Directors Association.

While household energy cost price spikes across the United States feel like déjà vu, the overall energy picture has changed drastically since last year. The Inflation Reduction Act’s historic clean energy investments will accelerate deployment of utility-scale renewable energy and energy storage, distributed clean energy resources, and high-efficiency electric technologies.

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Source: Utility Dive

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The IRA created a massive opportunity for clean energy. EDF President Krupp argues that businesses need to take advantage of this moment.

The government may have created the internet, but the private sector drove the information revolution. A similar opportunity now exists for companies to lead the transition to a cleaner economy. New funding and incentives—through the Inflation Reduction Act, bipartisan infrastructure law, and CHIPS law—will give smart businesses the chance to compete for a share in this multitrillion-dollar market.

American companies have a choice: lead the net-zero transition, or let their competitors capture its opportunities. Businesses and investors who fail to seize the moment may find themselves becoming cautionary tales. As former California Governor Arnold Schwarzenegger once said, no one wants to be “the last investor in Blockbuster as Netflix emerged.”

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Source: Fast Company

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Disadvantaged communities are bearing the brunt of clean energy supply chain blockages. Many believe that IRA will help alleviate supply chain constraints.

Disadvantaged communities in many parts of the U.S. are bearing the brunt of clean energy supply chain blockages that range from materials to labor, according to environmental justice advocates and utility officials.

In marginalized communities, it is “substituting one kind of delay for another,” said Shelley Robbins, project director for the Clean Energy Group, based in Vermont. “If you can’t get something, the price goes up.”

Historically, renewable energy and electrification projects in underserved communities have been “way too expensive,” she said in a recent phone interview.

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Source: Utility Dive

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A new Credit Suisse report suggests that from 2025 - 2032, the US could see solar & wind power purchase agreements signed for under $0.01/kWh

The US Inflation Reduction Act (IRA) could become a transformative document, enabling a grand experiment in energy generation at a national level, according to a new report by Credit Suisse. It believes that the United States has an opportunity to become a global leader in clean energy, much like it is already in the fossil industry.

Among the many ideas discussed in the document is a striking prediction – there may be solar power projects whose levelized cost of electricity (LCOE) drops below a penny per kilowatt hour, bottoming around $0.004/kWh ($4/MWh) in 2029. We could see these prices as soon as 2025, and they could persist beyond 2030.

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Source: PV Magazine

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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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