For several of the clean energy tax incentives, for example, the law offers bonus credits for projects that are located in economically distressed communities or traditional energy communities and for projects that meet requirements to pay the prevailing wage and hire qualified registered apprentices. In keeping with the Biden-Harris Administration’s commitment to working families, equity, and environmental justice, the Inflation Reduction Act prioritizes creating shared prosperity, making the nation more resilient to growing threats to health and well-being, and driving critical economic investments to historically underserved communities, particularly those living with legacy pollution. The Inflation Reduction Act’s $370 billion in investments will lower energy costs for families and small businesses, accelerate private investment in clean energy solutions in every sector of the economy and every corner of the country, strengthen supply chains for everything from critical minerals to efficient electric appliances, and create good-paying jobs and new economic opportunities for workers.

The Inflation Reduction Act is aimed squarely at building a better America and delivering on President Biden’s vision to make sure the United States-powered by American workers-remains the global leader in clean energy technology, manufacturing, and innovation. With the stroke of his pen, the President redefined American leadership in confronting the existential threat of the climate crisis and set forth a new era of American innovation and ingenuity to lower consumer costs and drive the global clean energy economy forward.

On August 16, 2022, President Biden signed the Inflation Reduction Act into law, marking the most significant action Congress has taken on clean energy and climate change in the nation’s history.

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