(L-R)Timothy J. Horstmann and Ryan T. Gonder with McNees, Wallace & Nurick. Courtesy photos Inflation Reduction Act: A Game Changer for Pennsylvania Clean Energy Projects
The Inflation Reduction Act, Public Law 117-168 was signed into law by President Joe Biden on Aug. 16, 2022, but the impact of some of its provisions is just beginning to be felt. Among those are the substantial federal subsidies the act provides for state and local government investments in clean energy projects.
February 06, 2024 at 09:21 AM
7 minute read
Energy
The Inflation Reduction Act, Public Law 117-168 was signed into law by President Joe Biden on Aug. 16, 2022, but the impact of some of its provisions is just beginning to be felt. Among those are the substantial federal subsidies the act provides for state and local government investments in clean energy projects. These subsidies are provided through a change in the rules for clean energy tax credits, which will allow state and local governments to take a direct payment in lieu of the tax credit. While the amount of the direct payment for a qualifying project will vary, there is potential for some projects to qualify for a direct payment equal to 70% of the project cost.
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