Last week, Summit Ridge Energy and solar hardware manufacturer Qcells announced a record-setting supply agreement, indicating that the Inflation Reduction Act’s incentives are already driving the deployment of domestically sourced renewable energy infrastructure.
Largest Solar Project
The 1.2-gigawatt board bargain is the most significant hardware buy for local area sunlight based in U.S. history, the two organizations said in a delivery. It will encourage the production of 2.5 million solar panels, which are likely to be used in hundreds of proposed projects in Maryland, Maine, and Illinois. Before the end of the year, Summit Ridge Energy anticipates that the first 200 megawatts will be installed.
Community solar comes in because most American households either cannot afford or are unable to install solar panels. These households can save money on their electric bills by jointly owning or subscribing to a solar project through the programs. It can be especially helpful for households with lower incomes, who typically spend much more of their paycheck on gas and electricity bills than those with higher incomes.
Twenty-two states and Washington D.C., Washington, D.C., have policies that support community solar, which now accounts for a staggering 5.6 gigawatts of collective generation capacity across the nation. This is a significant increase from roughly zero a decade ago. To put that into perspective, the United States had 142 gigawatts of installed solar capacity at the end of 2022.
The Inflation Reduction Act of the previous year established a plethora of federal incentives for solar, including access to tax credits for investment and production and a bonus tax credit for serving communities with incomes ranging from low to moderate. A $27 billion national green bank was also established as part of Biden’s climate law to encourage private sector lending for distributed energy projects, such as community solar.
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