Climate Bill for Dummies: Inflation Reduction Act Hacks for Solar and Wind Developers
There’s a new bill in town, and it’s stuffed with wind and solar incentives and credits. We’re going to tell you everything you need to know.
Quick: what has a couple dozen thumbs and a new lease on life?
If you guessed the Transect team, you are correct. We are jazzed about the passage of the new climate bill – more properly titled the Inflation Reduction Act of 2022 (IRA). This bill covers everything. From health care and job creation to renewables incentives as an attempt to battle the fossil fuel industry, it’s a true Hollywood triple threat of a bill. While we could complain about the compromises and the losses included in the bill’s 2-year development, we choose instead to focus on the positive.
And there is a lot of positive, we’ll have you know. This bill is one of the strongest pieces of climate policy in U.S. history. Seriously, this humble-sounding act is stuffed tighter than your grandmother’s calzone with tax credits, renewable energy subsidies, and generous funding for green causes. It’s a true smorgasbord, and we want to ensure you’ve got the latest deets to save money and speed up your projects.
Food metaphors aside, though, the IRA is kind of a beast – which is why we wrote an entire eBook on it.
In it, you’ll learn everything you need to know about the new climate bill, changes to the existing wind and solar tax credit initiatives, and what else to watch out for. Want to dive right in? Feel free … just click on that handy-dandy image below. Or keep reading for a sneak peek into what you’ll learn.
Background on the Climate Bill
We are going to tell a quick story where enemies will become friends; friends will become enemies. You’ll laugh; you’ll cry. You’ll hear of the beauty that is the IRA.
The climate bill was born during the war on climate change- or “global warming” for all our traditionalists out there. Greenhouse gas emissions were high, and morale was low as democrats and republicans alike began to pen the bill's details. Senate Majority Leader Schumer and his colleagues dreamed of lower prescription drug costs, fewer homes dependent on natural gas, and heat pumps available to all.
After sweeping through the House of Representatives and the Senate, the little bill was all grown up and ready to be sent off to the White House- just before midterm elections. The Biden administration gathered around to cheer, dreaming of carbon emissions reductions and low-income access to green energy. Lawmakers of Congress patted themselves on the back and saw the air pollution journey as “complete” when Sen. Joe Manchin voted to approve the bill. Ah, what a blissful dream they were in.
Ever-Present Challenges to Renewable Energy
Last year, President Joe Biden made his goal to tackle the climate crisis very clear. He set out energy efficiency goals, electric vehicle goals, and renewables development goals. Shockingly, this whole climate action thing is a lot harder than throwing out a few more solar panels and calling it a day.
It’s no secret that setbacks and inefficiencies plague wind, solar, and other clean energy technologies. Projects routinely fail to launch, proceed halfway, stall out, and even get gutted at the end by some oversight that might not even have been a dealbreaker were it caught earlier.
Part of the problem is the antiquated environmental consulting system that is still too prevalent today. You know the drill: find a promising piece of land, bring it to a consultant for environmental due diligence, wait and wait and wait … and wait.
If you’re lucky, you’ll get a green light and can proceed with permitting. If not – and there’s a 90 percent chance any given project will fall into the “not” category – then you’re out the time, money, and effort.
Adding to the issue are challenges such as:
• Difficult permitting hurdles and unclear policies, especially at the federal level • Long lines and backlogs for permits due to short staffing and low funding • Tax credits that continually expire and receive minimal extensions, leading to insecurity and ambiguity with investment
If that sounds fun to you, cool!
If you, like the rest of the sane Americans, are sick and tired of this situation, then the IRA is for you.
That said, it’s super important to familiarize yourself with the main points of the climate bill right now, and we’ll tell you all about it in our eBook, which is only one click of a button away.
New Climate Bill Hacks for Solar and Wind Developers
Anyone who has known us for a while will tell you that getting more green energy projects underway is Kind Of Ou
r Whole Thing. Not only do we provide the systems to help you transform thousands of dollars and weeks of waiting into desktop-ready environmental reports in minutes, but we will also help you make the most of the new climate bill, starting today.
Knowledge is power, as they say, and the best thing you can do for your business is to understand how everything is about to change.
Transect’s latest eBook will:
• Help you comprehend the changes to the solar ITC credit and the solar ITC extension • Explain the new solar PTC (yes, it finally exists!) • Explore the new rules for wind energy tax credits • Go over the new direct payment and transfer options for energy credits, giving you more freedom than ever before to make the most of tax breaks • Discuss energy storage tax credits, also brand new • Familiarize you with the new wage and apprenticeship requirements • Explain the many bonus credits you can get on top of the ITC and PTC
… and more. We know you’re curious about updates to the solar investment tax credit or wind and solar production tax credits, and we’ve got you covered with all the nitty-gritty details, but that’s just the beginning.
Because, seriously, it’s time to do things differently.
After reading the eBook, we’re confident you’ll have a better grasp of the climate legislation, make the most of your available credits and understand the right way to approach due diligence from now on. And, of course, Transect is always here to answer any remaining questions you might have.
It’s time to move on from the tired due diligence, permitting, and financing routines that have characterized the green energy sector for way too long. Luckily, the IRA is here to help us do that.
All you have to do is download the eBook to learn how! Don’t wait to get the same new lease on life we’re feeling … let’s add two more thumbs to the mix today. Click below to get started!