Inflation Reduction Act Sparks $240 Billion Clean Energy Investment, Creating Thousands of Jobs and Boosting North Carolina’s Economy.

The Inflation Reduction Act (IRA) has unleashed a decade of clean energy industrial policy in the United States, creating supply and demand side incentives to enhance the nation’s energy transition. The legislation includes provisions to support the U.S. solar industry, including a long-term extension of the federal investment tax credit, significant domestic manufacturing incentives, labor standards, energy production tax credits, and more. North Carolina alone is expected to benefit significantly from the law, with nine major clean energy projects announced in the first year following its enactment. Construction of these projects are expected to generate 24,600 jobs, $7.6 billion in wages, and add over $10.2 billion to the state’s GDP. Since passage of the IRA, over $240 billion has been invested in clean energy manufacturing and infrastructure projects, including over $86 billion in nearly 300 new solar, wind, and battery energy storage projects.