The National Glass Association Outlines Impacts of The Inflation Reduction Act of 2022
BILL INCLUDES OPPORTUNITIES FOR GLAZING AND GLASS BUILDING PRODUCTS INDUSTRY
The National Glass Association (NGA) applauds the signing of the Inflation Reduction Act of 2022 today, August 16, 2022, by President Biden. Most notable to the glazing and glass building products industry, the bill provides almost $400 billion to fund energy and climate projects aimed at reducing carbon emissions by 40 percent by 2030.
In addition to clean energy and efficiency incentives for individuals, the bill includes items of interest for businesses that install or manufacture high-performance glazing-related products.
HIGHLIGHTS OF THE BILL
- Expands the ability for commercial building owners to take advantage of energy-efficient design in both new and existing buildings.
- Increases the deduction amount for companies who meet prevailing wage and apprenticeship requirements.
- Extends and increases the tax credit for Energy Star homes and multifamily buildings.
- Recognizes electrochromic glass as an “energy property” and allows for a tax credit for its use.
- Includes over $60 billion for on-shore clean energy manufacturing in the U.S. across the full supply chain of clean energy and transportation technologies.
- $330 million appropriated to the DOE to help states and local governments adopt residential and commercial building energy codes.
- $250 million appropriated to EPA to develop a program for EPD assistance, including grants to building construction materials manufacturers to develop and verify EPDs.
- $5.8 billion appropriated to DOE for competitive grant projects through 2026 for industrial facilities to install, retrofit, or upgrade technology to reduce greenhouse gases.
NGA’s Advocacy Team is preparing a memo exclusively for NGA members identifying details within the bill of interest to glazing and glass building products companies, and will host a webinar on Wednesday, September 7, with Urmilla Sowell, NGA’s director of advocacy and technical services, and Tom Culp of Birch Point Consulting, NGA’s energy code consultant. Registration for the webinar will open in the coming days to both NGA members and nonmembers. Visit glass.org for details.
NGA will continue the conversation on the Inflation Reduction Act with legislators, agency officials and members at its second annual Glass & Glazing Advocacy Days, slated to be held in April 2023, in Washington, DC.