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The Inflation Reduction Act (IRA) includes $370 billion in investments to decarbonize the economy, transition to clean energy, and reduce energy costs, with significant wins for Coloradans, including:
- Methane fee on oil and gas operations to incentivize efficiency and emissions controls
- Extended tax credits for solar and wind energy until 2025 and new credits for zero-carbon electricity generation
- Expanded tax credits for energy storage and a "direct pay" option for non-profit entities
- Bonus tax credit for energy projects in communities with significant fossil fuel jobs
- Expanded EV tax credit for low-income car-buyers
- Incentives for energy-saving upgrades, including doors, windows, heat pumps, and rooftop solar
- Rebates for appliances like heat pumps and electric stoves
- $1 billion grant program for energy-efficient affordable housing
- $1 billion to support state adoption of stronger energy codes
- $20 billion for climate-smart agriculture and $5 billion for forest health
- $9.7 billion in USDA loans for rural electric cooperatives
- Dedicated funding for Tribal nations to decarbonize and adapt to climate change
- $6 billion for the Advanced Industrial Facilities Deployment Program
- Over $60 billion for environmental justice priorities
- Greenhouse Gas Reduction Fund to catalyze clean energy financing ecosystems.