New Study Finds the Inflation Reduction Act Makes a Game-Changing Business Case for Growing Domestic U.S. Wind and Solar Industry
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The report finds that wind and solar developers will reap significant cost savings by using
The topline findings of the report include:
- For the first time in
U.S.history, using U.S.-made wind and solar components will be cheaper than importing them.
- It pays to pay workers well. Wind and solar developers can significantly cut costs by meeting prevailing wage and apprenticeship criteria to take advantage of the full value of the clean electricity tax credits.
- The new report finds that when a developer meets the prevailing wage and apprenticeship standards, the cost of producing solar or onshore wind power drops more than 60%, relative to deciding not to offer workers fair pay and career pathways. Any additional project costs associated with meeting these labor standards are more than offset by the full credit. Costs will likewise be roughly 20% cheaper for offshore wind projects that meet these labor standards than projects that do not.
- Together, the clean energy tax credits and the 45X manufacturing tax credit will induce demand for more than 4 million additional solar and wind jobs—about 3.7 million additional jobs related to utility-scale solar PV and about 0.4 million additional wind-related jobs in 2035 will be induced, compared to projected employment levels if the Inflation Reduction Act had not passed.
- The Inflation Reduction Act will significantly increase demand for
U.S.-made aluminum, cement, and steel for use in solar and wind projects. Expanding clean U.S.aluminum and steel production for clean energy will better support our climate goals than relying on emissions-intensive imports. The U.S.already produces cleaner steel on average than all of the world's other major steel producers. By using Inflation Reduction Act funding to cut emissions in these industries while expanding production, the U.S.can meet the growing materials needs of the clean energy economy.
"The study reveals how the Inflation Reduction Act transforms the economics of wind and solar power to help delink our climate goals from overseas supply chains that are marred by labor abuses, higher levels of pollution, and shipping bottlenecks," said BlueGreen Alliance Vice President of Manufacturing and Industrial Policy
View original content:https://www.prnewswire.com/news-releases/new-study-finds-the-inflation-reduction-act-makes-a-game-changing-business-case-for-growing-domestic-us-wind-and-solar-industry-301847404.html
SOURCE BlueGreen Alliance
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