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Posted 1 year ago | 3 minute read
The effect of the Inflation Reduction Act: report
Since the launch of the US Inflation Reduction Act (IRA) a year ago, eight years’ worth of clean energy investment has taken place.
After years of inertia caused by battles over energy taxation and regulation, the US last year announced a package of decarbonization initiatives that are having a powerful effect.
The new Clean Energy Investing in America report from the American Clean Power Association (ACPA) noted that as of July 31, 2023, over $270B in capital investment has been announced for utility-scale clean energy projects and manufacturing facilities. This is equivalent to eight years’ worth of American clean energy investment, surpassing total investment into US clean power projects commissioned between 2015-22.
The report also points to several other landmark achievements for the industry, including announcements of 83 new or expanded utility-scale clean energy manufacturing facilities, bringing with them an expected nearly 30,000 new jobs as well as $4.5B in savings for over 24M utility customers. Should currently announced manufacturing facilities reach operation, ACP estimates a nearly ninefold increase in solar module production and a more than fifteenfold increase in grid-scale battery storage, along with significant increases in production output for solar cells, polysilicon, ingots and wafers, blades, towers, and nacelles.
ACPA CEO Jason Grumet said:
“The past year has sown the seeds of nothing short of a clean energy revolution [and] the clean energy sector is open for business [but] sustaining this incredible growth will not be easy and requires that we invest significant time and resources to locate, train, and support a talented and diverse American workforce.”
GridBeyond Chief Product Officer and President for North America Sean McEvoy said:
“The IRA motivates investors to allocate capital to low-carbon solutions. That includes harnessing the wind and sun and converting to electric vehicles, while ensuring a resilient grid that meets the challenges of electrification. It’s fantastic to see that it is already contributing to a greener energy sector that not only supports the journey to a net zero economy but also provides new skilled jobs and savings for all citizens. But momentum must continue.
“At GridBeyond we provide tools to help investors and project developers ensure their project is bankable and commercially economical and provide an opportunity for businesses and consumers to actively participate in the energy market and optimize their energy consumption and production. By using the power of AI to seamlessly evaluating thousands of project configurations in all wholesale and retail energy markets and forecasting long term project revenue, the tool provides one piece of the puzzle for developers to prove the ROI of their prospective investments.”
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