The US Senate voted to approve the Inflation Reduction Act on August 7th. The legislation includes more than $370 billion earmarked for clean energy investment, according to the Committee for a Responsible Federal Budget. The bill is now headed to the US House of Representatives for a vote.
Currently, the legislation proposes that federal tax credits be restored to full value for renewable energy projects completed in 2022. Additionally, the bill includes tax credits for standalone energy storage projects and existing nuclear power plants. Certain tax credits included in the bill would be tied to greenhouse emissions and be phased out over time.