The Inflation Reduction Act (IRA) includes more than $170 billion of tax credits for the electric industry, designed to encourage the shift from carbon-intensive fuels. An analysis carried out in 2020 suggested that decarbonizing the industry was not that much more expensive than business as usual, this new bill will make it a no-brainer. While utilities will see massive benefits from the bill, we will have to wait and see if the savings will ultimately be passed on to the consumer or not. The Inflation Reduction Act (IRA) is the Biden administration’s legislative triumph of August 2022. But despite its name, it will plow more than $170 billion of tax credits and possibly $40 billion more in loans to electricity users, producers, distributors, and manufacturers of electrical equipment over the next ten years. This is mainly to encourage the shift from the use of carbon fuels. The act relies […]