President Biden’s Signature on Historic Inflation Reduction Act Secures America’s Position as the Global Leader on Clean Energy
Tuesday, Aug 16 2022
WASHINGTON, D.C. — Today President Biden signed the Inflation Reduction Act into law, sparking the biggest investment in clean energy ever made in U.S. history. The law contains 10-year tax incentives for solar and storage deployment, investments in domestic solar manufacturing and other critical energy provisions. This law will create a stable policy environment for years to come, helping to grow private investments, create American jobs, and make significant progress on climate change.
Following is a statement by Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association (SEIA):
“After months of negotiation, the Inflation Reduction Act is now law, and the United States is on a path to becoming the world’s unequivocal leader in clean energy. Thanks to the dedicated advocacy of the Solar Energy Industries Association (SEIA), our members and partners and the steadfast leadership of our champions in Congress, a long-term framework is in place for the solar and storage industry to drive economic growth in every zip code across the country.
“This new law will help the United States deploy enough clean energy to substantially decarbonize the electric grid and tackle climate change. It features long-term investments in clean energy and new incentives for energy storage, which give solar and storage businesses a stable policy environment and the certainty they need to deploy clean energy and meet the President’s ambitious climate goals. The bill also includes Senator Ossoff’s Solar Energy Manufacturing for America Act, which will support domestic solar production through new tax credits, lay the groundwork for thousands of new manufacturing jobs by the end of the decade, and usher in a new era for solar manufacturing in the United States.
“While the hard work is just beginning, we’ve set the stage for solar and storage businesses to hire hundreds of thousands of new workers and deploy historic levels of clean, affordable, and reliable electricity. These investments are a once-in-a-generation opportunity to jumpstart our clean energy future and help the industry get from 4% of U.S. electricity generation today to its goal of 30% of U.S. electricity generation by 2030.
“We are grateful for the president’s leadership and steadfast commitment to building an equitable clean energy economy. Thanks to the president’s vision and action from our champions in Congress, every American community will be able to participate in the clean energy boom that’s right around the corner.”
The Solar Energy Industries Association® (SEIA) is leading the transformation to a clean energy economy, creating the framework for solar to achieve 30% of U.S. electricity generation by 2030. SEIA works with its 1,000 member companies and other strategic partners to fight for policies that create jobs in every community and shape fair market rules that promote competition and the growth of reliable, low-cost solar power. Founded in 1974, SEIA is the national trade association for the solar and solar + storage industries, building a comprehensive vision for the Solar+ Decade through research, education and advocacy. Visit SEIA online at www.seia.org and follow @SEIA on Twitter, LinkedIn and Instagram.
Morgan Lyons, SEIA's Director of Communications, [email protected] (202) 556-2872