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New York getting $70 billion from Inflation Reduction Act

Oct 07, 2022 12:57 pm

Lissa Harris reports for the Times Union about how New York will spend the $70 billion its getting from the recently passed Inflation Reduction Act. That money from the federal legislation signed by President Joe Biden in August will be spent between now and 2050. Much of the bill addresses the climate crisis, with both direct funding and incentives for citizens and companies to move to renewable energy sources. New York residents will get large new tax credits, and much funding, for purchasing heat pumps, electric vehicles, and other climate-friendly technology. Electricity producers throughout the country will get tax credits for investing in and producing wind, solar, nuclear, and other forms of zero-carbon energy. That should keep the businesses producing wind turbines at the Port of Albany busy. The funding and incentives could also lead to more windmills on the sides of mountains in New York. Previously climate planners assumed New York would import most wind power from out of state. But the new federal incentives may lead to more local windmills. New York State Energy Research and Development Authority analyst Carl Mas believes that the Inflation Reduction Act funding won't move New York to green energy faster, but it will make things cheaper for residents. “Because our policies and our adoptions are so aggressive, we aren’t estimating that it accelerates the achievement of our goals,” he said. Read the full story in the Times Union.

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