With an estimated $369 billion in tax credits and financing for clean energy strategies, the Inflation Reduction Act (IRA) is the single largest U.S. investment in climate action. This funding makes pursuing clean energy solutions easier and more affordable than ever, putting our country on a path to reduce its emissions 50% by 2030.
The Dane County Office of Energy & Climate Change is sharing resources about the IRA to encourage everyone in Dane County to take advantage of these unprecedented opportunities to go green.
One year in, the IRA has led to increased investment in clean energy, lower up-front costs energy costs for clean energy technologies, and job creation in the clean energy sector.
One immediate impact has been the surge in investment in clean energy, which has increased by over 50% in the past year. And projects announced have accounted for at least 170,000 new jobs, and is expected to continue to drive economic growth for years.
And in addition to tax credits, $70 billion in grants, rebates, and other non-loan funding has been made available to governments, tribal entities, nonprofits, and others across the nation.
The Federal Government has set a goal that 40% of the overall benefits of certain Federal investments (including the IRA) will flow to disadvantaged communities that were historically underserved and/or are disproportionately impacted by climate change.
To meet this goal, many Federal program guidelines are being rewritten to ensure disadvantaged communities are positioned to receive at least 40% of available funding.
This means that 40% of the available grants and spending within the IRA are focused on underserved communities.
UW Extension has a series of webinars outlining the federal funding available to spur America's transition to a clean energy economy. This series covers funding from both the Bipartian Infrastructure Law as well as the Inflation Reduction Act.
On this episode of The Dane County Podcast, County Executive Joe Parisi sits down with Kathy Kuntz, Director of the Dane County Office of Energy and Climate Change, and Heather Allen, Policy Advisor at RENEW Wisconsin, to celebrate Earth Month. Together, they discuss Dane County government achieving 100% renewable energy status at county facilities—the first county in Wisconsin and only the fourth county in the nation to do so. They also share how everyone can go green and save money under the Inflation Reduction Act.
Listen to Kathy Kuntz talk about elective pay in the IRA as well as learn more about agricultural funding from Brenda Heinen, Western Regional Coordinator USDA Rural Business Co-op Service.
Email us with questions about how your business or organization may be able to benefit from the Inflation Reduction Act.
Information provided above is meant as an overview of eligible tax credits; all information given should be utilized in conjunction with a tax professional. It does not constitute professional tax advice or other professional financial guidance and may change based on additional guidance from the Treasury Department.