Repowering is the practice of upgrading or replacing key components of aging renewable or thermal power plants with new equipment or technologies. For example, a solar plant can be upgraded with new inverters, significantly improving its performance. A wind farm can be repowered with taller and more efficient wind turbines, which can increase its efficiency and output. A thermal plant can be retrofitted to use natural gas-fired turbines or even small modular nuclear reactors instead of coal-fired boilers, which can extend its useful life and lower its carbon footprint.

Onshore wind farms present the most attractive case for repowering, and a "gust" of repowering investment is on the horizon. The lifespan of wind farms developed in the 2000s is typically between 20 and 30 years. With many wind systems going online in the early to mid-2000s, there is a plethora of wind projects in the United States that are ripe for repowering and, most importantly, eligible to take advantage of the tax credits extended by the Inflation Reduction Act of 2022 (the "IRA").