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October 5, 2022

Outline of the Impact of the Inflation Reduction Act of 2022

The Inflation Reduction Act of 2022 signed into law on August 16, 2022, by President Biden, provides almost $400 billion to fund energy and climate projects aimed at reducing carbon emissions by 40 percent by 2030.

In addition to clean energy and efficiency incentives for individuals, the bill includes items of interest for businesses that install or manufacture high-performance glazing-related products.

Expands the ability for commercial building owners to take advantage of energy-efficient design in both new and existing buildings.

Increases the deduction amount for companies who meet prevailing wage and apprenticeship requirements.

Extends and increases the tax credit for Energy Star homes and multifamily buildings.

Recognizes electrochromic glass as an “energy property” and allows for a tax credit for its use.

Includes over $60 billion for on-shore clean energy manufacturing in the U.S. across the full supply chain of clean energy and transportation technologies.

$330 million appropriated to the DOE to help states and local governments adopt residential and commercial building energy codes.

$250 million appropriated to EPA to develop a program for EPD assistance, including grants to building construction materials manufacturers to develop and verify EPDs.

$5.8 billion appropriated to DOE for competitive grant projects through 2026 for industrial facilities to install, retrofit, or upgrade technology to reduce greenhouse gases.

Source: NGA