U.S. Legislation Stimulating Solar Power, Analysis Finds

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.