Korean Solar Company Plans to Build $2.5 Billion Plant in Georgia
In 2021, Mr. Ossoff introduced a bill, the Solar Energy Manufacturing for America Act, that would have provided tax incentives to solar manufacturers. The bill was later incorporated into the Inflation Reduction Act.
The Rise of Electric Vehicles
- Mercedes-Benz: The German carmaker said that it would install a network of 2,500 high-powered chargers in the United States by 2027.
- Battery Recycling: As sales of electric cars and trucks take off, the race is on to recycle used lithium-ion batteries — but few will be available to reuse for a decade or more.
- Mail Trucks: In a win for the Biden administration, the United States Postal Service said it would spend nearly $10 billion to create one of the largest electric truck fleets in the nation.
- Going Mainstream: U.S. sales of battery-powered cars jumped 70 percent in the first nine months of the year, as non-affluent buyers are choosing electric vehicles to save money on gas.
Under the legislation, businesses receive a tax credit at every stage of the supply chain. The act includes an estimated $30 billion in production tax credits to accelerate manufacturing of solar panels, wind turbines, batteries and for the processing of critical minerals. The law also offers an investment tax credit to companies that build factories that produce electric vehicles, wind turbines and solar panels.
Those and other provisions are intended to reduce reliance on China, which dominates the supply chain for crucial raw materials and components for batteries and solar panels. In addition to the fear that the United States was losing ground in important technologies, lawmakers have also been concerned that some Chinese producers are using forced labor.