After only a year, the Inflation Reduction Act put into effect, the solar and storage industry is becoming a vital part of America’s economy. Due to new energy incentives, companies that work with solar and storage are planning to invest more than $100 billion in their businesses. However, this is just the beginning. These companies are expanding and trying to keep up with the interest in American-made clean energy.
This Investment is going to help people all over the country, from manufacturing to customers using solar energy in California. In the past year, we have seen how helpful the solar and storage industry can be for the economy.
Investments in American Communities due to Energy Incentives:
Communities all across the United States are getting investments from different countries. Each town and city want to be part of the clean energy economy, like the “battery belt” in the Midwest.
These investments are already boosting the economy of towns like Warsaw, Indiana, and Buckeye, Arizona. Solar companies are hiring people, buying things, building new places, and paying taxes in order to help the local economy. For every $1 spent on manufacturing, $2.60 is added to the local market.
In places like Dalton, Georgia, these new factories are also helping nearby areas. In the next few years, the number of people working in the solar manufacturing industry is going to triple, reaching over 100,000 jobs.
Advancement in the Supply Chain due to Energy Incentives:
After a decade, the United States is bringing back the solar supply chain to its own soil. Thanks to new energy incentives from last year, there have been 51 announcements about constructing new solar facilities or making them bigger. These announcements will add about 155 gigawatts of new solar production capacity to the American supply chain. This is worth nearly $20 billion in private investments. Furthermore, by 2026, the U.S. will have 17 times more solar manufacturing capacity than it does now. This will eventually make America independent in the field of solar energy. Hence, making the U.S. more competitive in the world for clean energy.
How New Energy Incentives Are Helping to Reduce Carbon Emissions?
Investments in the solar and storage industry are helping to fight the problem of climate change. Investing money into solar and storage is one of the best ways to decarbonize the power grid in the next 10 years. By 2033, the U.S. Solar capacity will be 668 gigawatts. This will reduce 459 million metric tons of CO2 by 2033.
The past year has been quite revolutionary for the solar and storage industry in the U.S. In the next 10 years, the effects of the energy incentives will only grow. The solar industry is expected to make $565 billion in private investments and will create almost 500,000 jobs in the U.S.
Solar and storage industries are just making the U.S. Clean energy economy better. And it’s just starting to take off.