The Inflation Reduction Act drives big gains in US renewable energy - Scripps News

The Inflation Reduction Act drives big gains in US renewable energy

Biden administration announces nearly $11 billion for renewable energy

Rural electric cooperatives, renewable energy companies and electric utilities will be able to apply for funding through two programs.

Since the Inflation Reduction Act passed on August 16, 2022, the United States has seen new growth in energy and transport sectors which could help reduce the national carbon footprint.

Lawmakers designed the Inflation Reduction Act to give U.S. energy manufacturing a better edge against competitors like China, by improving domestic supply chains and targeting high-pollution sectors like U.S. transportation for overhaul.

The act brought a 30% discount on residential solar installations by way of a new tax credit.

It's spurred significant investment in electric vehicle and battery production: More than 80 clean energy manufacturing facilities have broken ground in the last year, representing more investment in one year than in the seven preceding years combined.

The law also brought in new support for batteries to help store more power from wind and solar sources, and more experimental technologies like hydrogen fuel.

Experts say the biggest impact of the law is likely to come over the next few years, as investment and consumer sentiment translates more into working products.

Rural electric cooperatives, renewable energy companies and electric utilities will be able to apply for funding through two programs.

Critically, the nationwide development of the Inflation Reduction Act is expected to cause notable changes in the trajectory of U.S. greenhouse gas emissions.

Emissions from transportation and electricity generation, respectively, are the two greatest shares of pollution in the U.S.

The act is expected to cut U.S. emissions by as much as 41% by 2030, according to recent analysis by Princeton University. The figure is short of the 50%-52% reduction the White House wants to achieve from 2005 emissions levels.

A transition toward more renewable energy requires that the U.S. grid adapt to new requirements: It will have to accept more input from new renewable installations, and meet increased demand from a rising share of electric vehicles.

Eastern states are expected to use large amounts of power for cooling this week.

Global demand for biofuels is set to grow by 28% over 2021 levels by 2026, or about 41 billion liters, according to the International Energy Agency.

The Biden administration has announced plans to replenish the supply, but the U.S. Strategic Petroleum Reserve is at its lowest level in 40 years.

The malware could grant hackers the capability to disrupt critical U.S. military operations.

According to the judge, Trump's defamation claims over the network's use of the phrase "the Big Lie" lacked merit.

Team USA in the Women's World Cup chases a three-peat while the debate over the pay gaps in pro sports is back in the spotlight.