The largest investment to fight climate change in American history is now
law. Today President Biden signed the Inflation Reduction Act of 2022, which includes a
$369 billion package of climate, clean energy, and environmental justice provisions. It is
the single biggest action the U.S. government has ever taken to address the climate
crisis and puts us on the path to slash carbon emissions by 40% by 2030.
“Finally passing legislation at home shows the world that the US can back up our talk
with real action and motivate worldwide collaboration to tackle this global issue. This is
a gamechanger, putting us on the path towards a safer future. The historic $369
billion investment will catalyze climate action across the country and right here in
Wisconsin,” says Clean Wisconsin Climate, Energy and Air Program Director Chelsea
Chandler.
“Adding this to the Infrastructure Investment and Jobs Act, these two investments
represent an enormous injection of funding to spur the clean energy transition here in
Wisconsin with boosts for solar, wind, energy storage, new and used electric vehicles,
building electrification, climate-smart agriculture, explicitly addressing environmental
injustice, and much more. It paves the way for Wisconsin communities to be part of the
climate solution,” Chandler says.
The Act includes a number of incentives aimed at consumers, including a $7,500 tax
credit for buying a new electric vehicle (EV), $4,000 for buying a used EV, a 30% tax
credit for installing residential solar, and a host of rebates for purchasing energy
efficient appliances.
On a larger scale, manufacturers will see about $10 billion in tax credits to build clean
technology facilities, like those that make electric vehicles, wind turbines, solar panels
and batteries. The act also includes $30 billion in grant and loan programs for states and
electric utilities to advance the clean energy transition.
Clean Wisconsin thanks President Biden, along with Sen. Tammy Baldwin, and Reps.
Gwen Moore, Mark Pocan and Ron Kind for their support of the Inflation Reduction Act.
