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Treasury Analysis Shows IRA-Fueled Investments Going to 'Energy Communities'

Wednesday, March 13, 2024 - 10:48AM

The U.S. Department of Treasury today published analysis on the success of the Inflation Reduction Act (IRA) of 2022 in driving clean energy investment to "energy communities"–those communities historically dependent on fossil fuel energy jobs and tax revenues, including areas with closed coal mines or coal-fired power plants. The analysis, updated through the end of 2023, showed that since the passage of the IRA, clean energy investment in energy communities has increased $2.4 billion per month, compared to $1 billion per month in the rest of the nation. The analysis shows that 75% of announced clean energy investment has been in counties with median incomes below the national median.

The effects and implications of the IRA will be a topic at the Novogradac 2024 Spring Renewable Energy Tax Credits Conference, May 16-17 in San Diego.

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