The IRA provides tax credits to support both the production of and spur certain investments in wind, biomass, geothermal, solar, and other renewable energy sources.
The IRA enhanced the tax credits for industrial carbon capture as well as direct air capture. Industrial carbon capture is when carbon emissions are captured at industrial facilities before they're released into the atmosphere, while direct air capture involves the removal of carbon dioxide that's already in the atmosphere.
The IRA gives the Department of Energy the authority to guarantee $250 billion worth of loans to finance energy infrastructure projects that help reduce greenhouse gas emissions.
The IRA created a new direct loan program for certain types of transmission projects that would strengthen U.S. energy security and better support the use of wind and solar energy. It also offers grant money to help state and local governments develop and coordinate interstate transmission projects.
The IRA creates a new tax credit for more sustainable mixtures of aviation fuel that would lower the greenhouse gas emissions from airplanes.
The IRA creates a new tax credit for the production of clean hydrogen, which could be used as a transportation fuel and to also reduce emissions in energy intensive industries like steel and cement manufacturing, among others.
The IRA expanded tax credits for consumers (earning up to a certain amount of income) for buying new electric vehicles, and it created a new tax credit for buying used electric vehicles as well.
The IRA established a methane emissions fee that applies to specific types of petroleum and natural gas facilities that produce the greenhouse gas.
The IRA expanded and increased the tax credits for households that make energy efficiency improvements and acquire clean electricity installations (like solar panels and battery storage). It also provides funding for states to develop their own residential energy efficiency rebate programs.
The IRA provides $3 billion in funding for the U.S. Postal Service to buy zero-emission delivery vehicles and develop the infrastructure needed to support its clean fleet.
The IRA creates a new tax credit for producing certain components needed to make solar and wind energy systems within the United States.
The IRA provides funding to the Department of Energy to offer loans for building low GHG emission vehicle manufacturing facilities in the United States. It also funds grants for recently closed or at-risk car manufacturers to convert their facilities so that they can produce cleaner vehicles.
The IRA provides $27 billion to the EPA for a new GHG Reduction Fund to help finance greenhouse gas-reducing activities. Of those funds, $15 billion are set aside specifically for projects helping low-income and disadvantaged communities.
The IRA provides funding to the Department of Energy for national laboratory projects that support nuclear physics, fusion energy, and other advanced scientific research.