U.S. Inflation Reduction Act: Effects for Electric Vehicles and Building Electrification

Renewable energy received a significant boost with the August 2022 enactment of the U.S. Inflation Reduction Act (IRA). New provisions provide a 10-year-policy-certainty for the renewable energy industry, with 10-year tax credits for wind, solar and energy storage projects, including restoring the wind tax credit to original levels plus a credit for stand-alone energy storage — as well as incentives for green hydrogen, carbon capture, domestic manufacturing and transmission.