Inflation Reduction Act

In August of 2022, President Biden signed into law the Inflation Reduction Act (IRA) of 2022. This landmark bill extended and modified many of the tax credits that were previously offered under the Energy Policy Act of 2005. 

The IRA of 2022 features tax credits for consumers and businesses that save money on energy bills, create jobs, make homes and buildings more energy efficient, utilize clean energy sources, and lower greenhouse gas emissions that contribute to climate change and global warming.

The IRA includes over two dozen tax provisions to accelerate the deployment of clean energy, clean vehicles, clean buildings, and clean manufacturing.

The Alaska Energy Authority (AEA) is tracking IRA opportunities to help Alaskans take full advantage of them, making sustainability more affordable. Categories we’re watching include:

The IRA also provides billions of dollars in grant and loan programs and other investments for clean energy and climate action. A comprehensive list of funding programs authorized by the IRA can be found in the Inflation Reduction Act Guidebook.

AEA would like to highlight recently released funding opportunities benefitting rural communities.

Sources for information:

This resource provides an overview of clean energy tax provisions included in the IRA and is based on the best available information at the time it was last updated. This information does not constitute professional tax advice or professional financial guidance and should not be used as the only source of information when making decisions. The IRS continues to work on implementing the IRA and will post guidance as it becomes available at Credits and Deductions Under the Inflation Reduction Act of 2022 | Internal Revenue Service (