August 16, 2022 – This week, after 50 years of baby steps on climate change, the United States took a major leap for mankind when President Joe Biden signed the Inflation Reduction Act into law. While many may grumble that this legislation is ‘not as good as it could be’, today we at 247Solar choose to celebrate it as an important step forward.
As you read this, you may reside in a country other than the US and be acutely aware of the very real climate issues that are not unique to this nation. Communities globally face catastrophic sea level rise, flooding, drought, and wildfire. Finally, our home country is addressing what we, too, are experiencing in our own communities, farmland, coasts, and forests.
Provisions focused on clean energy in the Inflation Reduction Act include:
For the first time, Investment Tax Credits for stand-alone energy storage investments like battery projects and thermal energy storage systems. Image credit: Paul J. Richards/Getty Images
• Tax credits of up to $7,500 for the purchase of a new electric vehicle and $4,000 for lower- and middle-income families who purchase a used EV
• $60 billion of incentives to accelerate U.S. manufacturing of solar panels, wind turbines, and batteries, plus critical minerals processing, reducing dependence on China for energy equipment
• Tax credits for consumers who add renewable energy features such as efficient heat pumps, rooftop solar, electric HVAC, and water heaters to their homes
• Continuation of the 30% Investment Tax Credit for clean energy projects
• For the first time, Investment Tax Credits for stand-alone energy storage investments like battery projects and thermal energy storage systems
• $3/kg for green hydrogen, made entirely from emissions-free power and heat
Without question, we at 247Solar are excited that these latter three items will accelerate the sale and deployment of both our 247Solar Plants™ and our HeatStorE™ long-duration energy storage batteries.
We are encouraged not only for the bill’s anticipated reduction in carbon in emissions but also for its potential to grow the U.S. economy, create comparatively high-paying jobs, and increase the nation’s long-term competitiveness in energy materials, equipment, and manufacturing.
Is the bill perfect? Hardly. Does it go far enough? Of course not.
You may have read our statement last month condemning the seriously misguided SCOTUS EPA ruling. We called for Congress to act swiftly in response. Today we are hopeful, optimistic, and dare we say, relieved. The U.S. has chosen to lead. The IRA, imperfect though it may be, is a major leap toward a brighter future for the United States and the rest of the world.
About 247Solar
247Solar, Inc. envisions future generations living in a sustainable world powered by abundant, low-cost, zero-carbon energy. We provide the first complete application of high-temperature, modular solar power with overnight storage, for cleaner renewable energy with higher yields. Founded by an MIT alumnus, we offer 24×7 solar power that’s truly emissions-free. We exist to provide exceptional, reliable, around-the-clock, zero-carbon energy in the fight against climate change and for a better future. As a team, we are grateful and deeply committed to working passionately, tenaciously, and collaboratively – with heart.
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