President Biden signed the Inflation Reduction Act into law, 16 August 2022. Image: President Biden via Twitter.
US President Joe Biden signed the Inflation Reduction Act yesterday, bringing with it tax incentives and other measures widely expected to significantly boost prospects for energy storage deployment.
“The Inflation Reduction Act invests US$369 billion to take the most aggressive action ever — ever, ever, ever — in confronting the climate crisis and strengthening our economic — our energy security,” Biden said.
The legislation was readied for Biden’s signature at a speed which took many by surprise, from the announcement of compromises being reached by West Virginia Senator Joe Manchin and Senate Majority Leader Chuck Schumer at the end of July, to its quick passing in the Senate and then the House of Representatives in just over a fortnight….