IRA triggers $300 billion in clean energy manufacturing investment announcements

By June 2023, less than one year after the Inflation Reduction Act's passage, the Biden administration announces that the law has catalyzed over $300 billion in new private sector investments in US clean energy manufacturing, including solar panels, EV batteries, wind turbines, and heat pumps. More than 100,000 clean energy jobs have been announced across manufacturing facilities in states including Georgia, South Carolina, Michigan, and Ohio. Many announced plants are in Republican-leaning districts whose members voted against the IRA. The clean energy investment boom is driven by the law's decade-long production tax credits, investment tax credits, and manufacturing incentives designed to rebuild US clean energy supply chains and reduce dependence on China.