Eden working toward Inflation Reduction Act goals

The Inflation Reduction Act (IRA) is a huge win for climate action and renewable energy development in the U.S.  It will lower energy costs for Americans and put the U.S. on track to meet President Biden’s climate goals, at a time when the need to take action has never been more urgent. 

The IRA makes historic investments in domestic energy production and manufacturing, creating a clean energy economy, and aiming to reduce carbon emissions by 40 percent by 2030. The package includes $369 billion in new spending for Energy Security and Climate Change programs over the next ten years. 

This renewable energy investment, to power homes, businesses, and communities, includes production of 950 million solar panels, 120,000 wind turbines, and 2,300 grid-scale battery plants.

The act will reduce energy costs for American families, who can save more than $1,000 per year through clean energy and electric vehicle tax credits. Families can also receive direct consumer rebates to buy energy efficient home appliances, saving at least another $350 per year.

Manufacturing tax credits for solar panels, inverters, and racking will increase domestic production of solar materials, creating jobs and streamlining the supply chain. Installation of these systems also creates jobs and the IRA is expected to generate millions more. Energy storage projects will also be eligible for tax credits without needing to be directly connected to solar power projects.

As a developer of renewable energy and storage projects Eden is excited by the chance to contribute directly to the carbon reduction goals addressed by the IRA. Our unique approach to renewable energy development places strong emphasis on biodiversity enhancements, community and education benefits, working toward a more sustainable world for this generation and the next.