Full Title: Advanced Energy Provisions in the Inflation Reduction Act of 2022
Author(s): Advanced Energy Economy (AEE)
Publisher(s): Advanced Energy Economy (AEE)
Publication Date: August 15, 2022
Full Text: Download Resource
On Friday, August 12, 2022, the Inflation Reduction Act (H.R. 5376, the “IRA”) passed the U.S. House of Representatives, the final stop in the legislative process before it arrives at President Biden’s desk for his signature. With over $396 billion in direct federal investments in advanced energy, transportation, and manufacturing, the IRA represents the largest climate and clean energy bill in US history – as well as one of the latest pieces of industrial policy. The legislation covers the waterfront of advanced energy technologies, providing support in the form of tax credits, loan guarantees, and grants to bolster the production and deployment of wind, solar, energy efficiency, transmission, advanced nuclear, hydrogen, heat pumps, electric vehicles, grid modernization technologies and more. By leveraging innovative financial tools such as the Department of Energy’s Loan Programs Office and establishing a Greenhouse Gas Reduction Fund – a financing tool for state and local green banks – the IRA is poised to leverage public capitol to generate trillions in private investment into this industry.
This document is intended to provide a detailed yet succinct synopsis of the IRA’s energy and climate provisions. Given the complexity of this legislation, and the nuances of legal interpretation and administrative implementation, this should not be considered official legal or financial advice. We have provided links to additional summary documents, as well as the full legislative text, and the end of this document.