How the Inflation Reduction Act could be a game changer for the clean energy industry.

The Majority leader of the senate, Chuck Schumer, and Senator Joe Machin of West Virginia brought the inflation reduction act. It is a bill focusing on heavy investment in clean energy and solutions to climate change. Included in the act is channeling 370 billion dollars towards climate expenditure which, in return, will reduce 40% of carbon emissions by 2030. Strategies to be used towards achieving clean energy in the reduction act are as follows;

Tax credit for Americans to buy electric vehicles will reduce the energy usually released by vehicles powered by fuels that release carbon dioxide into the atmosphere. The U.S government will give such tax credits under two terms and conditions: for new electric cars, a tax credit will be at $7500, while used vehicles will receive $4000. The inflation reduction act encourages people to adapt to electric cars since they do not release any carbon wastes into the atmosphere. The bill will not only take into consideration small vehicles, but it will also channel 3 billion dollars to all U.S postal service trucks ensuring they are all electric. Furthermore, $1 billion will be set towards heavy-duty electric vehicles, school buses, and garbage trucks. Similarly, $3 billion set aside will ensure U.S ports release zero emissions to the atmosphere in the fight to adopt clean energy.

The inflation reduction act will also consider home appliances by giving Americans a ten-year consumer tax credit. The bill will also dedicate $9 billion to ensure a discount plan for consumer home energy appliances and environmentfriendly retrofits. By so doing, energy for use at home will be efficient and run smoothly on clean energy by ensuring rooftop solar panels, electric HVAC, and heat pumps are available at more affordable prices.

In the bill, Senate majority leader Chuck

Schumer and Senator Joe Machin also included a tax credit that will benefit investors and manufacturers who incorporate clean technology. Examples of such companies are manufacturers of electric vehicles, solar panels, and wind turbines. A tax credit will be essential to them since it will make it easier and encourage them to continue using clean technology and make what they produce more affordable to consumers.

Besides tax credits, the inflation reduction act is also concerned about methane emissions and includes a program to reduce its release into the atmosphere., there is a plan to ensure that those who pollute the environment are taxed to fund sufficiently cleaning the environment. To protect and acquire the old-growth forests which serve as essential carbon sinks on the National Forest System land, the act will set aside $ 50 million.

The bill, as indicated, discourages the use of fossil fuels. Still, various provisions will be of merit to the fossil fuel development, such as necessitating charter sales for offshore drilling.

Environment America Washington Legislative office Executive director Lisa Frank in her statement raised the issue that Climate change and other severe environmental challenges are, in one way or another, a barrier to future generations. She encourages people to “create, build and invest,” but most importantly, she encourages people to take care of the natural environment to reduce the worsening heat waves, drought, and fire.

She continues by saying that achieving a “bright future” is still possible by encouraging renewable power and improving clean energy technologies. The inflation reduction act will take part in the journey of having a clean environment by ensuring the process runs smoothly and fast. It also will provide powerful tools to accelerate construction.

U.S PIRG Environment Campaign Director Matt Casale said, “As the saying goes, we do not inherit the Earth from our ancestors. We borrow it from our children.” He also indicated there is a need to rectify climatic change, which is worsening, and infusing the inflation reduction act will act as a game changer and enable the future generation to work in a suitable environment.

Although the bill is not merit, the tax credit will benefit Americans of all colors. It will be an actual game changer. Since the credits are determined to ensure all Americans shift to electricpowered vehicles, install solar panels in their homes, and buy cleaner, more healthy electric appliances that do not pollute the environment in our places of residence and the community.

By making environmental polluters bear the cost of cleaning up superfund sites, most Americans will avoid releasing hazardous wastes to the environment so that they are not taxed.

Lisa Frank also admits that the bill has several shortcomings in that it is a barrier to offshore wind expansion and consequently threatens sea life due to continued offshore drilling. It also does not protect the Arctic National Wildlife Refuge, which is often classified as America’s Serengeti, but the issues will be fixed.