H.R. 5376, which passed the U.S. Senate last week, has passed the U.S. House of Representatives in a 220-207 vote. President Joe Biden signed the bill on Tuesday.
The bill – known as the Inflation Reduction Act (IRA) – modifies and extends through 2024 tax credits for producing electricity from renewable resources, including solar, as well as incentivizes the domestic production and sale of qualifying solar components.
“In addition to extending and expanding a variety of critical energy tax incentives, this piece of legislation will ensure that all utilities can benefit from these incentives, which encourage the critical energy investments they need to continue to use cleaner generating technologies,” comments Joy Ditto, American Public Power Association’s president and CEO. “In the end, this makes these incentives fairer and more effective.”
“The most transformational clean energy package in history is now one step closer to becoming law. The House passage shows that America is prepared to lead the world in the fight against climate change by investing in our communities and workers,” comments Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association.
“The Inflation Reduction Act will drive historic investments in clean energy deployment and manufacturing which will help create millions of new, well-paying careers. In the face of a global energy crisis and rising inflation, the measures in this bill will strengthen America’s energy security by boosting production here at home, all while lowering prices for families through investment in historic levels of low-cost, reliable clean energy.”