ACORE Reflects on the One-Year Anniversary of the IRA

WASHINGTON, D.C. – On August 16, 2022, President Biden signed the largest climate bill in American history – the Inflation Reduction Act (IRA) – into law, a landmark investment of $369 billion in climate and clean energy programs. Following is a statement from Gregory Wetstone, President and CEO of the American Council on Renewable Energy (ACORE), on the one-year anniversary of the bill’s enactment:

“For more than a century, our nation’s tax code had been weighted to promote fossil fuels. That all changed with passage of the IRA, which provided – for the first time ever – stable, long-term incentives for renewable energy, domestic clean energy manufacturing and key grid technologies, like energy storage.

“With a year under our belt, we can say with confidence that the new law is working to accelerate the nation’s energy transition, spur national economic growth, and launch a renaissance in American manufacturing. Hundreds of billions of dollars have been committed to new clean energy investments over the past year. This investment will lead to dozens of new manufacturing facilities across the U.S., thousands of megawatts of additional wind and solar power capacity, hundreds of thousands of good-paying jobs, significant cost savings for American electricity consumers, cleaner air, and progress toward a more stable climate.

“As documented in ACORE’s recent survey of investors and developers, the IRA’s clean energy tax platform has dramatically increased confidence in the U.S. renewable market. Every developer surveyed planned to boost their renewable activity this year, and more than 80% of investors anticipate increasing U.S. investment by 5% or more.

“Today’s anniversary is one to celebrate, but we have work to do to realize the full potential of the new law and achieve the Biden administration’s ambitious clean energy goals. Supply chain constraints, trade restrictions, permitting and interconnection queue delays, insufficient transmission capacity, and workforce shortages remain critical headwinds that can lead to delays in deal flow, longer lead times, and increased project costs. We must address these pivotal challenges to achieve the clean energy future that the American people want, and our scientists say we desperately need.

“Time is not on our side, but a climate-safe economy powered by pollution-free renewable energy is within reach if we can realize the promise of the IRA.”

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About ACORE:
For more than 20 years, the American Council on Renewable Energy (ACORE) has been the nation’s premier pan-renewable nonprofit organization. ACORE unites finance, policy and technology to accelerate the transition to a renewable energy economy. For more information, please visit www.acore.org.

Media Contacts:

Alex Hobson
Sr. Vice President, Communications
American Council on Renewable Energy
hobson@acore.org | 202.777.7584 (o) | 202.594.0706 (c)

Dylan Helms
Associate, Communications
American Council on Renewable Energy
helms@acore.org | 202.891.7868 (o) | 727.290.8804 (c)