U.S. Tax Credits Set To Spur Bigger Wind Farms, New Siting Strategies

• President Joe Biden's Inflation Reduction Act (IRA) is set to kickstart a new era of wind and solar growth after global economic headwinds slowed progress in recent years.
• The IRA extends tax credits for wind and solar for the next ten years and allows stand-alone energy storage projects to qualify for the first time. The bill also includes tax credits for the manufacturing of wind and solar components.
• The act could lead to an additional $160 billion of investments in onshore wind, doubling installed capacity over the next decade to 280 GW, compared with an earlier growth forecast of 38%, Rystad Energy consultancy said.

(Source: Reuters