Or reduce investment cost by 30%! U.S. independent energy storage investment tax incentives passed legislation

Although discussions stalled two weeks ago, the U.S. Senate on Aug. 7 passed the largest-ever climate change package, enacted as part of the Reducing Inflation Act of 2022. After the House legislation passes this week, it can be enacted and implemented after being signed by President Biden.

What is the Reducing Inflation Act of 2022?

The Reduced Inflation Act of 2022 was enacted to address inflation by reducing energy costs and reducing the federal budget deficit. The bill is expected to generate about $790 billion in revenue and savings from changes to corporate tax thresholds, improved tax enforcement and prescription drug reform, according to the Congressional Budget Office. In addition to spending on health care, $369 billion will be spent on energy and climate change.

Biden said it would be "the largest investment in climate change in history."

"It will solve the climate change crisis, strengthen our energy security, create jobs in the United States, and make solar photovoltaic panels, wind turbines and electric vehicles by American workers and reduce the annual cost of energy for American households by hundreds of dollars."

Many of the bill's provisions will be paid for by imposing a standard corporate tax rate of 15%.