Inflation Reduction Act gives an economic boost to communities dependent upon, and polluted by, fossil fuel industries.
of renewables development on some 13,000 acres of strip-mined land on the 253,000 acres it owns in Kentucky, Virginia, and east Tennessee.
The tax credit outlined in the IRA also may help energy developers bypass one major obstacle to getting green projects started: sluggish state legislatures that are friendly to fossil fuels and uncertain about energy transition. Recent reporting byshowed that Kentucky, despite a 65 percent decline in coal production since 2013, ranks last in the country for wind and solar energy production.
Still, Smith is encouraged by the changing attitudes he’s seen in some state and local lawmakers. In West Virginia, for instance, legislators recently doubled the cap on power purchase agreements, which will allow savings for homeowners, schools, and nonprofits with smaller solar arrays. “The IRA will help accelerate investment in these communities, which would otherwise be difficult because they are more remote,” he said. Renewable energy developers in the region still face major challenges in under-resourced mountain communities, most of them related to supply chain issues, outdated electrical systems, and facilities in poor repair. A tax credit could provide the boost needed to see more clean energy projects past the finish line.
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