If Congress and the White House change hands, many are assuming there will be changes to the Inflation Reduction Act (IRA). While amendments are possible, a lot of money is already out the door, and business is booming for the clean energy transition.

From campaign trail promises to final enacted legislation, those of us in the energy community have been thrilled for the boost that the Inflation Reduction Act (IRA) has provided American business. As we look back on and celebrate the one-year anniversary of this landmark legislation, there are many milestones to acknowledge and many opportunities on the horizon. 

Unprecedented climate legislation is opening a vast array of opportunities for those in the cleantech space. The $369 billion dollars in federal funding is proving to be a gamechanger by delivering critical investments to climate tech developers and manufacturers. Companies are taking advantage of tax incentives and grants for solar, wind, and other renewable energy projects. Developments are moving even faster in e-mobility, where Americans now can now tap into a $7,500 credit to buy EVs. The law also requires that some manufacturing and assembly of EVs happens right here at home in the U.S. And as an important first, this law will dedicate between around $60 billion to environmental and climate justice efforts.

The Inflation Reduction Act will bring renewables onto the grid, modernize infrastructure, accelerate electric mobility, and improve public health. Silverline urges the House to pass this transformational climate and clean energy legislation and send it to the President’s desk to deliver on the promise of this decisive decade ahead.