For the first time in American history, Biden signed the climate and energy package
US President Joe Biden has signed the Inflation Reduction Act of 2022, kicking off a new 10-year plan to spend $370 billion on climate and energy.
President Joe Biden has signed into law the Inflation Reduction Act of 2022 (IRA), the largest climate and energy spending package in US history. The huge energy, climate and tax bill includes $600 billion in spending, including $370 billion to support renewable energy and climate.
The IRA is demanding a nationwide reduction in carbon emissions of around 40% by 2030. The package also aims to save Americans energy. The Biden administration says 7.5 million more homes will install solar on their roofs and receive a 30 percent tax credit. The Obama administration says families taking advantage of tax credits for clean energy, efficiency and electric vehicles will save more than $1,000 a year
Solar will play a central role in decarbonizing and reshoring American energy. By 2030, the IRA is estimated to have installed 950m solar panels, 120,000 wind turbines, and 2,300 grid-scale battery plants.
Investment in solar could reach $321 billion by 2030, nearly double the $177 billion projected under current policies. The bill would generate nearly $3.5 trillion in cumulative capital investment for new energy supply in the United States over the next decade, the report said.
Under the bill, annual U.S. energy spending is expected to fall by at least 4 percent in 2030, which would save households, businesses and industries nearly $50 billion a year.
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