The Inflation Reduction Act (IRA) directs $386 billion to clean energy spending and tax incentives, making it the single largest investment ever made by the federal government to support decarbonization.
For our clients, the IRA represents an unprecedented opportunity to accelerate and expand their infrastructure development efforts in support of their core mission. It provides opportunities to get more faster through targeted investments, tax incentives and other beneficial programs.
Why should you care?
The IRA allows building owners to extend budgets, meet clean energy needs faster and invest in projects that provide attractive economic returns. Many of our clients can now implement more robust solutions and see more long-term financial benefits than pre-IRA.
By broadening the scope of the current tax credits, we move beyond conventional renewables and into clean energy solutions. We can now more easily adopt a technology-agnostic strategy that opens up more options for solutions and creates a level playing field. Projects will be more tailored to client programming needs, climate goals and local utility grid requirements, among other things.
Numerous programs in the IRA will drive building retrofits and renovations, particularly in the area of building performance, which will save costs, provide energy resiliency, and boost our economy. The result will reduce the direct costs of creating a more resilient, energy efficient and decarbonized built environment.
Where should you focus?
Success cannot be achieved without a short-term and long-term perspective. We encourage you to use this opportunity to accelerate your efforts towards long-term energy resilience and decarbonization. By implementing a program enhanced by the IRA, clients can potentially shorten their long-term visions, goals and plans – add solar and renewable energy, stabilize costs, eliminate deferred maintenance and improve service.
The legislation represents a seismic shift that will accelerate the decarbonization of our built environment for the betterment of our communities. Now is the time to unite and harness our collective knowledge, innovative thinking and desire for change to guide bold action that will have real and lasting impact on your core mission.
Viridis can help accelerate infrastructure investments, reduce operating costs and reach ambitious decarbonization goals while making the most of every opportunity offered within the IRA.