Inflation Reduction Act

 The President’s Inflation Reduction Act (IRA) of 2022 makes the single largest investment in climate and energy in American history, enabling America to tackle the climate crisis, advancing environmental justice. securing America’s position as a world leader in domestic clean energy manufacturing and putting the United States on a pathway to achieving the Biden-Harris Administration’s climate goals, including a net-zero economy by 2050.  

 The U.S. Department of Energy (DOE) launched the $50 million Renew America’s Nonprofits Program – referred to in President Biden's Bipartisan Infrastructure Law as the Energy Efficiency Materials Pilot Program – to reduce carbon emissions, improve health and safety, and lower utilities costs at buildings owned and operated by 501(c)(3) nonprofits. This first-of-its-kind investment in the nonprofit sector aims to help nonprofits make high-impact energy efficiency improvements that will create cleaner, healthier community spaces, while generating sustainable savings so that critical funds can be redirected toward mission-driven work. It also aims to stimulate widespread energy improvements in the nonprofit sector, promoting the formation of partnerships between stakeholders to create a pipeline of energy and cost-saving projects that will continue beyond the life of the grant.    

 The U.S. Department of Energy defines community solar as any solar project or purchasing program, within a geographic area, in which the benefits flow to multiple customers such as individuals, businesses, nonprofits, and other groups. In most cases, customers benefit from energy generated by solar panels at an off-site array.

Community solar customers typically subscribe to—or in some cases own—a portion of the energy generated by a solar array, and receive an electric bill credit for electricity generated by their share of the community solar system. Community solar can be a great option for people who are unable to install solar panels on their roofs because they are renters, can’t afford solar, or because their roofs or electrical systems aren’t suited to solar. 

 Community solar carries a power purchase agreement (PPA) option. Under a PPA, customers agree to purchase power at a discounted price for the life of the project (20-30 years). No upfront costs. No capital outlay. Simply the perfect solar solution for many businesses or individuals. It is a great way to meet your sustainability standards and green-energy objectives. 

 The Inflation Reduction Act lowers energy costs for consumers and small businesses while creating good-paying jobs as America’s clean energy economy and manufacturing sectors grow. Learn more below on how you or your family can save on utility bills, get support to purchase electric vehicles and energy-saving appliances, and access the economic opportunities of the clean energy future.

Find out which programs are available to you so that you can benefit from American made clean energy as soon as today and sign up below to be the first to receive updates and take advantage of these opportunities.

There are two tax credits available for businesses and other entities like nonprofits and local and tribal governments that purchase solar energy systems 

• The investment tax credit (ITC) is a tax credit that reduces the federal income tax liability for a percentage of the cost of a solar system that is installed during the tax year.
• The production tax credit (PTC) is a per kilowatt-hour (kWh) tax credit for electricity generated by solar and other qualifying technologies for the first 10 years of a system’s operation. It reduces the federal income tax liability and is adjusted annually for inflation.