Under the Inflation Reduction Act, the U.S. ramps up renewables in rural regions.
The United States Government announced Thursday that it will allocate $7.3 billion from the Inflation Reduction Act (IRA) budget to finance clean energy projects in rural areas. According to a press statement by the White House, the investment in a total of 16 projects will help bring clean energy to citizens across 23 states and make it more affordable, while creating up to 4,500 jobs. The first company to be awarded a part of the funding is Dairyland Power Cooperative in Wisconsin, which, together with $573 million in government funding, will leverage a total of $2.1 billion for solar and wind power installations. President Joe Biden is set to unveil the spending on Thursday in Wisconsin. The remaining 15 projects are still in the underwriting process to receive government support. They range from installing renewable energy capacities to battery energy storage implementation to carbon capture methods.
The IRA is one of the cornerstones of Biden’s presidency, allocating billions for climate spending over the next ten years through subsidies, tax credits, and loans. Enacted over two years ago, the act has since funded several projects in the renewables sector and catalyzed decarbonization efforts across the U.S. It has also gathered criticism abroad due to its U.S.-centric focus. Last year, we looked back at its achievements in its first year.
The complete list of the 16 projects and the 23 affected states can be found here.
Photo: iStock/kflGALORE
