Manufacturing for Renewable Energy Projects Makes Headway in U.S.

October 11, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Not only does the Biden administration's Inflation Reduction Act (IRA), which was passed in August, provide tax credits for renewable energy projects, but also for the manufacture and recycling of the components used in these projects, such as wind turbines and solar panels.

The credits will kick off next year and vary by component and whether the owner meets certain wage and apprenticeship requirements; it looks like the anticipated manufacturing credits may be doing some good in strengthening the base for renewables manufacturing in the U.S. Industrial Info is tracking more than $3 billion in active projects for the manufacturing of wind and solar power components, some of which can be directly attributed to the IRA's incentive.

Companies featured: First Solar Incorporated (NASDAQ:FSLR), Dominion Energy Incorporated (NYSE:D)