U.S. Inflation Act Could Be Just What Renewables Ordered

August 23, 2022--Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--A measure meant to lower the U.S. inflation rate is something of an all-of-the-above effort to lift the domestic energy sector, tacitly leveling the playing field between fossil fuels and renewable energy.

U.S. President Joe Biden signed the Inflation Reduction Act of 2022 into law on August 16.

"The Inflation Reduction Act will lower costs for families, combat the climate crisis, reduce the deficit, and finally ask the largest corporations to pay their fair share," the White House said. That's a big wish list. Among the benefits outlined in the measure are a cap on what those covered under the Medicare health program have to pay for prescription medications each year, $14,000 in rebates for energy-efficient appliances, a goal to reduce greenhouse gas emissions by 1 gigaton by 2030, incentives for renewable energy programs in general and more offshore areas for drillers.