While political attention has been elsewhere lately, quite a bit has happened with the IRA since President Biden signed it into law on Aug. 16, 2022. The law has capped insulin prices and out-of-pocket drug expenses for Medicare recipients and beefed up corporate and high-income tax compliance, but the IRA's biggest goal is to spur clean energy on a scale that will bend the arc of U.S. greenhouse gas emissions, while using more components made in America. In less than a year it has prompted massive investments in battery and EV manufacturing across the states.

Key provisions of the law have no caps on spending, which means the actual outlay could be more—potentially much more—or less than the figure we keep hearing about. The main reason that we have only a vague idea of the actual spending is that the law’s major tax incentives have no caps. That means if developers, states, cities and tribal governments build enough projects that qualify, the credits could be much more than what the CBO expects.

New federal guidance outlines key provisions tied to incentives for clean energy deployment in low-income and energy communities within the Inflation Reduction Act. The clean energy industry has anxiously awaited details of how the U.S. Departments of Treasury, Energy, and the Internal Revenue Services will implement new and expanded incentives within the historic climate law.

For the U.S. to meet net-zero GHG emissions by 2050, the U.S. building stock must be energy efficient and all-electric. Amidst this pivotal decade for course-correcting against climate change, IRA investments will advance building decarbonization, shaping a future with a comfortable climate and even more comfortable homes.

If you're planning a few home improvements that will boost the energy efficiency of your house, you may save some money on your projects under the Inflation Reduction Act, which was signed into law in August. One of the bill's main goals is to address climate change and slow down global warming. And while the new law primarily helps businesses adopt more eco-friendly measures and jump-start clean energy production, there are incentives for ordinary Americans to go green and save some green, too.

Energy Innovation Report modeling the climate impact of the Inflation Reduction Act

Edmunds gives an overview of the ways in which the IRA implements the tax credit provisions for new and used electric vehicles.

Miraculously, Congress has passed and the president has signed the largest investment in climate and clean energy in history. Read the NY Times summary of what is in the bill.