President's Bill Fuels Green Energy Investment Boom

Aug 10, 2023

A transformational shift in the U.S. renewable energy sector can be attributed to President’s groundbreaking climate and healthcare legislation. The subsequent year saw renewable investments scaling to an astonishing $270 billion, a figure that eclipses the combined total of the last eight years.

A recent report by the American Clean Power Association found that there are new projects underway with the potential to generate 184,850 megawatts of clean energy. This is a significant amount of energy, and it would be enough to power over 10 million homes. To provide perspective, John Hensley, the association's vice president, equates this to the energy needs of 46 million American households.

Diving deeper into the $270 billion, a significant $22 billion was earmarked for manufacturing. Detailed within the report were 83 new announcements geared towards climate-compatible energy production. This encompasses 52 ventures into solar, 14 into battery-making, and 11 into wind energy.

Shedding light on the geographical spread of these investments, Hensley remarked, "A majority of these projects, notably 80%, are taking root in Republican areas. Furthermore, over 60% of the manufacturing initiatives are based in red states."

One of the main reasons for the recent growth in the renewable energy sector is the Inflation Reduction Act. This act was passed by Democrats and Senator Joe Manchin, and it provides tax credits for wind and solar energy. This has made renewable energy more affordable and has encouraged businesses to invest in it. It is interesting to note that the bill was passed without any votes from Republicans.

Source : wisconsinagconnection

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