Article Summary –
The Inflation Reduction Act (IRA), passed in 2022, is the largest climate bill in U.S history and has led to significant investments in clean renewable energy. The IRA offers subsidies, tax rebates, and incentives that have led to the announcement of projects involving over 170,000 new clean energy jobs and $278 billion in private investments in areas like electric vehicle (EV) manufacturing, solar and wind power, and energy storage. The IRA also earmarked funds for municipalities to play a significant role in cutting emissions and combating climate change.
Is the Inflation Reduction Act Good for Climate?
The Inflation Reduction Act (IRA) of 2022, the largest climate bill in U.S. history, coupled with the CHIPS Act and Bipartisan Infrastructure Act, is driving substantial investments in clean renewable energy and advancing climate restoration.
Private corporations have capitalized on the IRA’s incentives, leading to the announcement of projects creating over 170,000 new clean energy jobs and $278 billion in private investment in sectors such as EV manufacturing, solar and wind power, and energy storage. Consumers are also reaping the benefits, with rebates for home weatherizing, electrification, appliance upgrades, and EV purchases.
How Does the Inflation Reduction Act Impact Cities and Towns?
Cities and towns also stand to benefit from the IRA, with their crucial role in reducing emissions to combat climate change. Despite many municipalities having climate plans, funding has been a challenge. But with billions allocated by the IRA for municipalities, resources are finally available to enact these plans.
Fortunately, the newly founded Climate Action and Project Administration (CAPA) department in Northampton is equipped with the expertise to identify funding sources and navigate intricate application processes.
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