U.S. clean energy investment skyrocketing since the passage of the Inflation Reduction Act in August

The roof of the Houston Endowment building. Almost 80 percent of the building’s shading canopy is covered in solar panels, allowing the Endowment to generate most of its energy on-site. More U.S. clean energy investment has been announced since the passage of the Inflation Reduction Act last summer than in the previous five years combined, according to a new report.WASHINGTON — More U.S.

"The clean energy transition is racing ahead. American companies are making massive investments that are increasing American competitiveness and revitalizing the manufacturing sector,” Jason Grumet, CEO of American Clean Power, said in a statement. The boom in clean energy investment comes as wind and solar energy were already making quick gains, withwould make up more than 70 percent of new generation built in 2022. The Inflation Reduction Act, which provided $370 billion in tax credits for clean energy projects, has caused investment to skyrocket.

But developers are worried they are building projects faster than grid can be adapted to handle the influx of new generation.to allow for the faster construction of long distance transmission lines to move electricity from clean energy projects around the country. "We cannot build a strong, modern and resilient economy absent dramatic improvement in the permitting of new energy infrastructure," Grumet said.

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Source: Reuters - 🏆 2. / 97 Read more »