Inflation Reduction Act

“Which is, you get a 30% base ITC. If you have domestic content, you meet the domestic content requirements, you're still eligible for a 10% adder, and if you deploy that storage system in an energy community, you get an additional 10% adder on top of that. So …”

“You know, you had trade policy, which kept the industry alive for a long time. It didn't necessarily allow it to reach the scale that it is now. But, you know, I think there'd been a focus and an effort to reshore, you know, even prior to the Inflation Reducti…”

“Rhodium had reports of, you know, how much investment came out in the two years following the IRA is relative to before it, in this sector in particular, and it was five times easily.”

“The defined contribution market, which is about 12 and a half trillion dollars, represents about 30% of the overall retirement market, and then DB and IRAs are split pretty evenly, about 35% each.”

“There's been very little by way of infrastructure actually built by the Infrastructure Act, and there's been very little built by the way of clean technology.”

“He told the press he was out, he was done. I saw him the next morning, had a nice, 15 minute happy chat, and I said, well, you're not really Over, you're not quitting, right? And he goes, no, but I'm going to let him think it for a while. Just I need space. Yo…”

“Trust me, if the progressive part of the Democratic Party had gotten their way, this bill would have been five times bigger than it ended up being.”

“So, 85% of the Inflation Reduction Act, environmental, you know, renewable energy investments were going into red states. Two-thirds of the jobs are in red states.”

“If you look across all of the areas of clean energy that we care about and everything that the IRA was focused on, you know, I think ingot and wafer manufacturing is actually Probably the most concentrated of all of those, like, supply chain steps in China sti…”

“The individual installers who had been principally selling loans and had sidestepped this whole conversation to a large extent. That's really going to continue to be phased out, and in many ways, what I would argue to you is, like, when you look at, you know, …”

“And so then what you'll see is anything around tariffs or IRA incentives getting cut will likely get passed on to the rate payers. That's my best guess from what I'm seeing.”

“With respect to Forty-five-Q and other tax credits in the IRA, the Inflation Reduction Act I give high odds That they will sustain, 45 Q, 45 V related projects.”

“Inside the IRA, I think that there were two things, and I've said this pretty repeatedly, but I just want to put it on the record again. The ITC credits and the ITC transfer markets for those credits, the tax equity markets, are critical industries in America …”

“And just to put some numbers behind it, I think we saw three times the amount of new investors enter the space through transferability that we would have seen in a typical pre-IRA, traditional tax equity partnership market.”

“Most people, less than two percent actually contribute to an IRA annually from all the taxpayers in the United States.”

“I do think that the funds that are obligated will be dispersed. I'm like, I just don't think that they can legally. The Supreme Court, I don't think, will allow that to happen, so I consider that, like, a lower risk for the funds that have been obligated.”

“We thought maybe hydrogen would be first because of the supply side supports under the IRA. The demand just didn't materialize, and now all of a sudden, AI has just swept up all of the assets that we developed for, you know, behind the meter And co-located loa…”

“So far, the entire cultivated meat industry has had about three billion dollars worth of investment in its entire history, and right, the Inflation Reduction Act is, you know, building battery factories in Georgia for that, that are going to be twice that and …”

“We were one of the first, if not the first project to be able to effectuate a transfer of the new tax credits that are available under the Inflation Reduction Act, which is kind of an in the weeds, wonky finance thing, but critically important to taking these …”

“There's got a ton of lawyers involved and accountants on every side and a lot of sort of reassuring of people, but it's a pretty straightforward process, and at the end, we got that done with J.P. Morgan, which is Fantastic is they're probably the biggest play…”

“The IRA doesn't work without private parties that are willing to buy these credits, right? The government doesn't actually write us a check.”

“We're seeing some graphite miners in Quebec charge a premium for their graphite that's produced in North America to battery makers.”

“And so because of the direct connections between the clean energy investments that are happening and the locations in the country and where, where that's happening, I think we're going to see Some continuation of IRA. And we've heard this phrase thrown around,…”

“That global market is about three billion dollars a year. For some sense of scale of how big the IRA is about a trillion dollars.”

“Ironically, by virtue of putting a price on carbon, you've actually made carbon valuable under the IRA.”

“That was a huge boondoggle and payoff for these green energy investors. That's who it went to. It did not benefit the middle class at all.”

“And I think one of the great ironies, and this is me as a capitalist speaking, right, is that the forces of capitalism, AI, will drive more energy revolution than any amount of political regulation could have, right?”

“So I do think some of these projects are still, are not going to go forward at certain stages. You know, and that's kind of classic. A lot of times, you know, maybe half the announced projects end up getting built. The pipeline is way bigger than the demand to…”

“I believe we'll look back and we'll be able to say that the IRA was really probably the greatest jobs bill that's ever been created.”

“If you talk to some of the leading tracker players, they had these plans to onshore more, ah, manufacturing here before something like, you know, the Inflation Reduction Act was even passed, just for all the reasons that Greg just talked about, carbon, logisti…”

“The RRA has created over a 170,000 jobs and supported a hundred and ten billion dollars in new clean energy manufacturing plants, with a majority of that investment headed to red states.”

“There is a massive permitting backlog and the IRA is never going to be, you know, quote unquote successful. The Biden policies aren't going to be quote unquote successful unless there's a bipartisan investment in, in moving those permitting policies forward.”

“When you have somebody like on the left, Senator Joe Manchin, who made the IRA possible, pushing back aggressively against the Biden administration in terms of how they've implemented the law, concerns about You know, foreign companies, Chinese companies that …”

“So when we have things that cost way more than we expected them to do, that means that I think those policies have more risk in particularly a Republican administration, but probably in split government too.”

“45 Q, the carbon capture credits, are largely built out of a Republican constituency. They just got scooped up in the IRA. In fact, when it came out, I laughed because it was a bill that I had helped write.”

“The Affordable Care Act was the Unaffordable Care Act. The Inflation Reduction Act was the Inflation Cause Act.”

“I think it would be very difficult, both, both from a pure political standpoint and from a political economy standpoint, to rescind some of the major features of the IRA at this point that are supporting development of new manufacturing facilities in many case…”

“Suddenly, after decades of flat demand, load forecasts are doubling, thanks to data centers, expanding ports, new manufacturing plants supported by the IRA, and electric cars.”

“To, as far as I know, we have not seen a deal yet that has moved forward without the prevailing wage and apprenticeship adder.”

“So, for projects that are, or a transfer of under a million dollars, you're getting, like, an 84 to 86 cent price, as opposed to what you say suggests is a hundred percent, a hundred cents on the dollar, which gives the investor a quite high IRR, like a 16 to …”

“When you get all the way up to, say, a fifty million dollar transfer, where you're going to be competing with traditional tax equity, but not only with traditional tax equity, but with other risk-free investments, like, say, treasury bills, you're in the, like…”

“So in my view, these kind of taxation systems that are emerging in the world, the US has IRA, which is a subsidy system, works the same, because you're subsidizing your own industry versus other industry. Europe has a taxation system. I think those are going t…”

“Georgia Power has been one of the largest beneficiaries of the Inflation Reduction Act. 15.3 billion dollars in investment in their service territory of EV manufacturing, solar data centers, etc. 6600 megawatts of new load coming online.”

“And one thing that fell out of the mix in the Inflation Reduction Act was an investment tax credit for transmission, which would reduce the cost of building these lines by 30%. So that, to me, was a huge miss.”

“There's been a lot of hype around it, and the incentives in the Inflation Reduction Act are supply-side. They are not stimulating demand.”

“One thing to keep in mind, at the end of 20 24, that would be this year, there are a few credits that do not continue, including The microgrid tax credit. The concentrated solar tax credit. Now, storage continues solar and wind continue, most of the renewable…”

“When the IRA was first passed in August of, you know, we modified our forecasts, and we anticipated that over the next five years, the IRA would increase installations in the U.S. By, like, 40%. Pretty, you know, pretty big impact from a very historic piece of…”

“Loan Programs Office was the big winner in the Inflation Reduction Act, so they have, you know, 11.7 billion dollars of new loan appropriations that they're trying to execute on.”

“Green steel was not included in the Inflation Reduction Act.”

“The Trump tax cuts that were put into place in 2017 expire, and there is going to be some room for negotiating, no matter who is in charge on, in any way.”

“I think the LPO now with IRA money is, you know, has about four hundred billion dollars in resources, and I think they've become, for lack of a better word, must-see TV, or the key stop for any company that's doing an ambitious climate tech, hard tech startup,…”

“The nuclear industry has never had more financial or spiritual support from the U.S. Government or our populace whether it be the IRA's investment tax credit and production tax credits that are aimed towards the nuclear industry, whether it be the Bipartisan i…”

“The Inflation Reduction Act allocated seven and a half billion dollars to building out a national EV charger network in this country, and two billion of those funds have been allocated to states, but there have been zero chargers built as part of those funds, …”

“I think that the biggest winners, though, of the other countries that are involved, Australia and Korea and Chile are the, are by far the biggest winners. They all have free trade agreements with the U.S. And are going to come out looking very good from this.”

“What essentially what the guidance said was constituent materials, which is going to be any of these precursor steps up to the battery component itself, essentially falls under strategic minerals. As in the strategic minerals qualification. Now they added this…”

“One of the challenges is that the Inflation Reduction Act is supply-side policy. It reduces the price. It doesn't create demand. It doesn't say, you know, you're going to have to pay a penalty if you continue using gray hydrogen.”

“What's really been missing with nuclear in terms of policy to help bring down the cost is that demand pull policy. And so this is why you see that nuclear is cheaper and gets cheaper over time in places that have a lot of growth in demand for electricity becau…”

“The credits in the Inflation Reduction Act Go up to three dollars a kilogram.”

“The IRA included what's called the microgrid investment tax credit, which allowed the switch gear that is islandable to receive a 30% tax credit to sort of help bridge that gap. Unfortunately that was only appropriated for two years, and we still don't have th…”

“The way we incentivize electricity systems in the United States through the Inflation Reduction Act is through tax credits, right? And just fundamentally, the transaction costs associated with monetizing tax equity disproportionately hurt smaller distributed e…”