September 29, 2022--Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Research from Wood Mackenzie finds that U.S. President Joe Biden's signature Inflation Reduction Act (IRA), which contained key measures supporting renewable energy, is stimulating activity in the U.S. utility-scale solar power sector. During the second quarter alone, the U.S. market saw 10 gigawatts (GW) of new capacity contracts emerge, a 201% increase from the first quarter and the largest quarter-over-quarter growth rate ever. Taxpayers and businesses can take up to 30% in tax credits for the price of the installation of solar energy projects under the IRA.
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