IRA Tax Credits - GLREA Guide, Evergreen Breakdown & more!
Updated: Aug 9, 2024
The Inflation Reduction Act of 2022 is a landmark United States federal law which aims to reduce the federal government budget deficit, lower prescription drug prices, and invest in domestic energy production while promoting clean energy.
The money available from the IRA incentives is largely available to residents, non profits, local governments, municipal utilities and in general, those who take advantage of the uncapped potential while it exists. Michigan is poised to lead these projects as national leaders in renewable energy development. Thanks to our partners at michigansaves.org we can help lead the way in expanding programs to Michiganders of all income levels!
Because so many of these IRA household electrification benefits are uncapped by design, the amount of investment that could flow to American households and communities is enormous. Indeed, we estimate that IRA investment in household electrification alone could be as large as $567 billion — reaching more than 65 million households over the next ten years.
Below are several leading organizations reports on the IRA, including GLREA IRA Tax Incentives Summary created by GLREA Intern Bridget Corwin.
Editor's Note:
Passing the Inflation Reduction Act (IRA) ushered in the largest investments in climate and clean energy in our nation’s history. But our work isn’t done yet. Effective and equitable implementation will be key to ensuring we realize our climate goals, cut greenhouse gas pollution, advance environmental justice, and create good-paying jobs that propel the clean energy economy. In order to assist federal agencies, states, local communities, Tribal governments, businesses, and other partners take full advantage of this historic funding, Evergreen Action is writing a series of blogs breaking down several key programs in the IRA.
As Project Director MI Solar Communities with GLREA I hope to utilize the IRA in many ways but perhaps most importantly in partnership with MI schools. Below are two memos I produced regarding school sustainability networks, projects and people! There are surely more to share and connect!
I found this Volts Podcast episode to be very inspiring in the efforts for IRA and School dollars.
Hope this guide and information was helpful!
Here is a last document by the Sierra Club regarding implementation of IRA for a local municipal utility Lansing Board of Water and Light. This memo helps lay out many technical details I found useful and interesting.
Thank you Bridget for the GLREA IRA Tax Credits Summary!
Onward
Marshall Clabeaux
Project Director - MI Solar Communities
Great Lakes Renewable Energy Association
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