Arizona Republic detailed how the Inflation Reduction Act will impact the state, citing Shelby Stults on the expected return on investment. Read snippets below and the full article here.
With the Inflation Reduction Act signed into law, businesses are preparing for a rush of new opportunities for installing solar in Arizona, not to mention electric vehicles and chargers and other energy projects aimed at reducing carbon emissions...
The IRA also includes changes to the solar tax credit that make it possible for municipalities, Native American tribes and other entities without federal tax liability to receive a direct payment rather than a tax credit, making renewable-energy projects more financially appealing to those entities.
Advanced Energy Economy, a group that works to support a transition to 100% clean energy, evaluated the anticipated economic benefits of the IRA combined with the recently passed Infrastructure Investment and Jobs Act, and calculates Arizona will see $11 billion in federal investments through both laws.
“That covers everything from large clean energy generation to electric vehicles and everything in between,” said Shelby Stults, a principal at AEE. And that is only the federal incentives, with the actual investments being significantly larger.
“Looking at the impact that could have amplified throughout Arizona’s economy, it could be as high as $162 billion, so about a 15 times return on investments,” Stults said.
Read the full article here.