News
Red States Stand to Benefit From a ‘Layer Cake’ of Tax Breaks From Inflation Reduction Act
The new law has stackable tax credits, including an “energy communities” bonus to help places that lost fossil fuel jobs, that could reduce clean energy project costs by 40% to 70%.
By Dan Gearino
Imagine a 1-megawatt solar array on about eight acres of land in West Virginia. To make the math simple, let’s say it costs $1 million, although it likely would be less than that.
Related Knowledge Center: ENERGY BASICS: fossil fuels
State of Play
Fossil fuels — coal, oil and natural gas, primarily — remain the dominant energy sources for much of the world, with their accompanying infrastructure of mines, drilling and production wells, pipelines and various forms of transportation. But they have become more problematic as governments struggle to address climate change and pivot to energy sources that do not result in carbon dioxide emissions.