EAST LANSING, Mich. — President Joe Biden signed a bill into law that will help the country move closer toward renewable forms energy. Michigan State University assistant professor of economics Justin Kirkpatrick said this bill could do a lot for households that are looking to make energy-efficient changes.
“The IRA is a comprehensive set of policies, part of it addresses corporate taxes, part of it addresses, negotiations for drug prices, the bulk of the spending in the bill is focused on addressing climate change and working through energy policy to do so,” Kirkpatrick said.
The Inflation Reduction Act, also known as the IRA, focuses on clean energy and investing in ways to reduce carbon emissions.
“The IRA has a lot of provisions in it that subsidize and provide tax credits for developing solar farms, solar fields and wind farms, for installing battery storage for the first time and in law and for engaging in pretty much anything that produces electricity, technology-neutral without any carbon emissions along with it,” he said.
Kirkpatrick said as the IRA subsidizes clean energy, the power plants that produce pollution in local communities may retire, which can help improve the air quality.
He also said the bill will also help low income families by giving them larger subsidies and subsidies for electric vehicles.
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