Congress recently passed The Inflation Reduction Act of 2022. It's a game changer for working Americans and their families, state and city governments, and businesses. The law provides incentives for transitioning to clean-energy like solar, wind, hydro, geothermal, and biomass. Plus, it accelerates our country's migration to clean energy and reduces our carbon footprint.
"There are over 100 different funding provisions in The Inflation Reduction Act for eligible stakeholders," according to Craig Kasper, executive vice president and real estate market sector lead at Verdantas. "It is a broad program with a lot of opportunities for power companies, manufacturers, governments, small businesses, and consumers."
Our Clients Understand That Verdantas Has the Experience to Navigate This Complex Environment
Kasper added there are incentives and programs for different states, municipalities, indigenous areas, and tribal communities where they can look at energy efficiency and upgrade grids. In total, The Inflation Reduction Act makes available USD 369 billion for Energy Security and Climate Change. Benefits come in the form of tax credits, cost recovery, loans, grants, rebates, and reimbursements.
Complexity Hinders Determining Opportunities & Eligibility
While The Inflation Reduction Act brings many opportunities to our nation and its people, they come with a high level of complexity. There are many categories, types, specifications, etc., making finding incentives challenging. It is also hard to determine your eligibility. Therefore, your best path forward is to engage one of the specialized experts at Verdantas to unlock your opportunities within the Inflation Reduction Act.
Verdantas specializes in environmental planning and considers important factors like infrastructure, health, safety, sustainability, and natural resources. Our staff also have knowledge, expertise, and experience in deciphering and working with laws, acts, and funding programs like The Inflation Reduction Act.
Diverse Incentives For Clean Energy Migration
America's power grid is losing its reliability. Utility customers experienced, on average, just over eight hours of power interruptions in 2020—more than double the amount in 2013—according to the Environmental Protection Agency (EPA). At the same time, the demand for power continues to rise at a record-setting pace. If America continues its current generation methods, it will add rather than subtract contributions to our carbon footprint.
"The goal is to reduce carbon emissions by roughly 40 percent by 2030," Kasper said. "It will be done by investing in domestic energy production and manufacturing." The Inflation Reduction Act offers incentives to encourage moves to clean energy by entities and individuals.
Additional benefits are available in other areas, like bonus credits for businesses that add electric vehicle (EV) charging infrastructure. Plus, tax incentives for manufacturing businesses using U.S.-sourced products such as batteries, solar, offshore wind components, and technologies for carbon capture systems.
Verdantas has played a role in the development of over 5.1 gigawatts of renewable energy
Through our extensive work in the environment, energy and infrastructure markets, we are aware of many underutilized properties that could be ideal opportunities for development that is eligible for incentives.
Over the past several years, Verdantas has worked as a business partner to a wide variety of clients, including wind developers that have built or are building 995 megawatts of wind energy projects, solar developers that have nearly 3,690 megawatts of solar energy projects under development, and battery storage developers with over 400 MW under development. In addition to utility scale projects, Verdantas experts have also been the lead developer in several utility scale solar, landfill gas and combined heat and power projects.
Determining What's Next
With full-service teams, Verdantas can deliver the resources necessary to plan, permit, design and construct projects for a range of clients including developers, private industry and government agencies. Our experts can quickly and easily navigate the complexities, find opportunities, determine eligibility, and match your needs with what the law offers.
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