In the wake of the Inflation Reduction Act, a new analysis reveals a significant private sector response, multiplying government investments in clean energy nearly fivefold.
Syris Valentine reports for Grist.
In short:
- The private sector’s contribution of $5.47 for every government dollar has led to a surge in clean energy investment.
- Federal tax credits primarily fuel the $34 billion in government spending, with overall investments spanning various technologies.
- Despite substantial investment growth, experts caution that current levels may not suffice to meet the U.S.’s ambitious climate goals.
Key quote:
“It’s proving the value of the federal government taking the lead, putting in place policy that says, ‘This is the direction that we’re headed: supporting decarbonization, supporting clean energy.’”
— Hannah Hess, associate director of climate and energy at Rhodium Group
Why this matters:
The Inflation Reduction Act has catalyzed unprecedented investment in clean energy, underlining the federal government’s pivotal role in steering economic transitions toward sustainability. This movement signals a robust push towards decarbonization and energy innovation, crucial for meeting national and global climate targets.
After passage of the Inflation Reduction Act, those in the trenches working on climate mitigation, climate solutions, clean energy and climate justice began to feel optimistic about their goals.
A homeowner’s experience with an HOA showed the pitfalls associated with the often intrusive, obtrusive organizations.
Their quandary, which they shared with r/solar on Reddit, came up six months ago.
“My HOA in California has recently passed a rule requiring any owner who wishes to put up a solar system to buy additional coverage for $1 million,” the poster wrote. “This is a townhouse complex with building units of 2-5 unit buildings with staggered roof lines separating the units.
“Given California’s law prohibiting HOAs from stopping solar systems, this HOA seems determined to make buying solar as painful as possible, including the removal of the panels at owner’s expense for the 10 year roof replacement. Their argument for the extra policy is that solar panels increase fire risk. This doesn’t seem to be in the spirit of California law. I’ve looked all over, but I can’t find anything that would justify this policy or anything about its legality. Does anyone know if this is legal or justified?”
The main issue, of course, was the meddlesome homeowners association. It could’ve made easy an environmentally friendly choice or helped smooth out associated wrinkles, but it created hassles to deter someone looking to reduce their dependence on dirty energy.
Still, many commenters agreed that it wasn’t a bad idea for the poster to be covered in case of a problem.
“When I got my system, the utility required $1m liability,” one wrote. “I got all upset that was going to make it not worth it. I think it added $4/month to my insurance.”
And even though the Golden State prohibits HOAs and local governments from creating unreasonable barriers to solar panel installation, it does appear to be within the law for HOAs to require insurance, at least in some cases.
The San Diego Union-Tribune reported in 2022 that the civil code “allows HOA rules to require compliance with health and safety and electrical codes” and added, “If the system is to be installed on a common area roof, the HOA can require proof of insurance.”
“Design flaws, component defects, and faulty installation generally cause solar rooftop fires,” though it’s “an extremely rare occurrence” for a solar system to spontaneously burst into flames, according to the Office of Energy Efficiency and Renewable Energy.
The new rule was a pain in the butt, basically, and that seems to be much of the reason for the existence of HOAs. Show me an HOA that improves quality of life and makes things easier for its residents, and I’ll show you dozens that have done the opposite.
They not only muck up the works for those who want to go solar but also throw wrenches in the plans of those who swap their water-wasting turf grass for native plants.
“It makes no sense,” one Redditor said of the HOA rule described on r/solar. “Solar panels are not inherently flammable. As long as the hardware is installed by a professional and inspected it’s perfectly safe. I’ve had Solar on my house for years. Plus a modern photovoltaic system has multiple emergency shut offs accessible from the outdoors.”
A Floridian noted their state had a similar law, and it cost them $14 annually.
“The hardest part was explaining to the insurance company what I wanted quoted,” they wrote.
It’s not always practical or even possible, but another commenter advised steering clear of the soul suckers: “I recommend everyone buying property to stay well away from HOA! They are evil and they ruin [people’s] lives!”
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NORTHAMPTON, MA / ACCESSWIRE / July 10, 2023 / Tata Consultancy Services (TCS) and Petronas are proud to present the goIT Monthly Challenge for July. As part of our shared dedication to a cleaner Earth, we’re partnering together for an ambitious challenge that aligns with Sustainable Development Goal 7 – affordable and clean energy for all. We’re asking students ages 6-18 if they’re up for the challenge of creating a digital innovation that will help protect our planet while promoting sustainable development. Students will flex their creative prowess to share their ideas for a digital innovation that helps create affordable and clean energy options for all.
Petronas is a global oil and gas company headquartered in Malaysia with a rich history of promoting sustainability, innovation, and progress. Founded in 1974, the company has invested heavily in research and development to create energy sources that are cleaner and more accessible. They have been at the forefront of developing renewable energy sources such as wind farms and solar power plants.
As proud sponsors of the goIT Monthly Challenge for August, Petronas is dedicated to inspiring young minds to pursue STEM education and contribute towards achieving SDG 7 Affordable and Clean Energy. Through this challenge, they hope to encourage students to think critically about how technology can be used to create lasting positive impacts on our planet.
Like TCS, Petronas is committed to creating solutions that benefit people, partners, and the planet. Through its many initiatives across various sectors TCS and Petronas continue to make an important contribution towards achieving a better world for us all!
Learn more about the goIT Monthly Challenge for July at on.tcs.com/goIT-ENG.
Contact Info:
Spokesperson: Tata Consultancy Services (TCS)
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Email: info@3blmedia.com
SOURCE: Tata Consultancy Services (TCS)
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