The dual infrastructure bill was finally passed by the House of Representatives on Nov. 5 and sent to President Biden’s office, which is expected to sign it when lawmakers return from recess, according to AP. While the Infrastructure Act contains some provisions related to the renewable energy sector, such as investments in grid modernization, the Build Back Better Act is the legislation paving the way for major incentives for the solar industry.
The latest version of the Build Back Better Act includes tax credit and direct payment extensions to the residential and commercial markets, a first of its kind standalone storage tax credit and tax credits to boost domestic solar production.
The House of Representatives had hoped to pass the Build Back Better Act at the same time as the infrastructure law CNBC, but could only pass a procedural vote that established the conditions for the final vote, such as time limits for debates. Before voting in favor, moderate Democrats insisted on reviewing the Congressional Budget Office’s analysis of the bill’s long-term effects on the budget deficit, known as the CBO score. The score is expected to be finalized this week.
“Domestic action on the bipartisan Infrastructure Investment and Jobs Act and the Build Back Better Act rule represents tangible progress on the infrastructure and climate agenda in Washington, DC. Specifically, the bipartisan infrastructure bill now on its way to the White House for President Biden’s signature contains important new policies and federal investments that will accelerate the large-scale transmission we need to build a modern and low-carbon grid,” said Gregory Wetstone, president and CEO of the American Council on Renewable Energy, in a statement. “In addition, the adoption of the Build Back Better Act rule paves the way for a near-term vote on the Build Back Better Act, whose clean energy tax platform creates a credible foundation for the emissions reductions we know we need.” will have. to meet our global climate commitments.”
If passed by the House, the bill will return to the Senate for revisions and a vote before going to President Biden.