Inflation Reduction Act

The Inflation Reduction Act (IRA), which includes US$369 billion in energy security and climate change programmes over the next ten years, passed in the US Senate on Sunday, paving the way for its movement to the House of Representatives and subsequent signing by President Joe Biden.

Following strong demand in the US market for residential solar, US solar installer Sunrun increased its customer additions by more than in Q1 and posted better-than-expected financial results, while still making a loss.

Hanwha Solutions is reportedly considering expanding its investment into US solar production if the newly agreed upon Inflation Reduction Act (IRA) is passed.

Thin-film module manufacturer First Solar will consider expanding its production footprint in the US if proposed legislation that includes manufacturing credits becomes law, the company’s CEO has said.

Manufacturing support for solar components and clean energy tax credits are included in a proposed US budget reconciliation bill from Senate Democrats that proponents have said features the biggest climate and renewables investment in the country’s history.