The IRA Has Injected $240 Billion Into Clean Energy and it isn’t enough.
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By Syris Valentine
March 27, 2024
If, in the 18 months since the Inflation Reduction Act passed, you’ve found yourself muttering Jerry Maguire’s timeless mantra — “Show me the money!” — a handful of policy analysts has just done exactly that. Their analysis of the nation’s investment in clean energy found that for every dollar the government has contributed to advancing the transition, the private sector has kicked in $5.47, leading to nearly a quarter-trillion dollars flowing into the clean economy in just one year.
Across nearly every segment tracked by Rhodium Group and its collaborators at Massachusetts Institute of Technology, investments have not only increased since President Joe Biden signed the legislation, the rate of growth has quickened, too. In the 12 months from October 2022 through September 2023, $220 billion poured into everything from battery factories to solar farms to emerging technologies like hydrogen, including $34 billion in federal spending, mostly in the form of tax credits.
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