More Guidance Arrives. The big one is here, guidance on the ITC transferability and direct pay provisions including who is eligible for the direct pay. Amongst those eligible for the direct pay provision are governments, tax exempt entities (including many cooperative utilities), the TVA and Native American tribal governments. Transferability will open up the market for buyers (and brokers) that will start bidding on your tax equity to resell to their eligible investors. We’ll be interested to see how close credits get to 100% as demand increases for a somewhat limited supply.
Relatable Congress. When it comes to climate change Congress has been questioning scientists for decades, and I don’t mean when someone asked Senator Kerry about his political science degree. But more often than not, members of the House do not have much real life experience around climate change so it’s great when a member has learned experiences. We need more of that, hopefully a Wakeup reader will run and win!
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Relentless Attacks, But Why? The House majority is taking up a repeal of the ITC and PTC in Ways and Means. Solar is supported by both parties and solar manufacturing is opening factories all over America, including many red districts. Yet the leaders of the most powerful committee in the House is taking on the key tax benefit for the fastest growing energy source in the US.
Biden Climate Record? Bipartisan Infrastructure Law, Veto of the CRA and the Inflation Reduction Act. Not a bad start for a first term President.
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The Problem That Today’s Grid Presents. The grid can’t handle the energy transition is the biggest talking point that is fed to members of Congress charged with slowing down the energy transition that consumers want. What if every car became an EV, could the grid even handle that? Reality is that people that buy electric vehicles and industry shifting to electric or solar don’t think about the impact to the grid, the grid operators are held accountable for that. Regulators need to accept that and plan accordingly.
Why It’s A Problem And Setting. This is the manifestation of what I said above, coal is declining no matter what happens next. Grids are either going to send the pricing signals to make sure the private investments or they will be left in a painful position with increased costs to consumers. ERCOT is going to hit record demand next week and hopefully will be able to make it work with the infrastructure that’s already in place but it will need far more resilience in the future.
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The Domestic Credit Adder. Most of DC is working on figuring out who, how and when the domestic adder will be able to come to fruition. With some guidance creating new questions, it is now up to the tax lawyers to make opinions and get clarifications from regulators on how the market will benefit and how manufacturers must grow domestic factories in order to be compliant. The good news is everyone is on board with the idea of building domestic supply chains, bad news coming from the standpoint that not everyone is sure that their new factory will be enough to satisfy the requirements.
A Smoke Filled Eastern Corridor. Dealing with smoke filled air quality has been largely a California problem, many of us having suffered through terrible air during the Bay Area fires in 2018. It hasn’t been a real thing in New York and DC, which all of a sudden brought back the Bladerunner memes to the internet. Wildfires are a byproduct of climate change but for many Americans could still be too far a connection between their habits and thinking that changing them would help stave off natural disasters. What could I possibly do to help prevent this? Is the ultimate climate change problem, which is why solar, wind and storage are such a great climate change fighting tool. If the economy prospers, people get jobs and money can be made, fighting climate change is a nice side effect.
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