The Inflation Reduction Act (IRA), as passed by the House and Senate, is a major political achievement for the Biden Administration, Senate Majority Leader Chuck Schumer (D-NY), and Democrats of the 117th Congress. This is true despite the fact that it is a significantly smaller package than the initial ambitions of the Biden Administration and Congressional Democrats, particularly when compared with the ambitious Build Back Better (BBB) bill passed by the US House of Representatives in 2021 but lacking the support of two swing Senators, Joe Manchin (D WV) and Kyrsten Sinema (D-AZ).
One sector that made out as well in the IRA – and better than originally expected in certain key respects – as compared to BBB, is the US solar sector.
Quick takeaways:
New (restored) solar PTC could be more valuable than the ITC for larger scale, more efficient solar power generation…