President Biden is expected to sign into law the Inflation Reduction Act of 2022 once it reaches his desk, legislation that Department of Energy (DOE) Secretary Jennifer Granholm said would be “monumental” for clean energy investments.

solar generation graph

Under the legislation, which cleared the Senate on Sunday and is expected to be approved by the House later this week, spending on clean energy investments is expected to hit $370 billion over a 10-year period. 

The legislation’s “monumental investments in clean energy and decarbonization technologies will position the United States to lead a global market on track to reach a minimum $23 trillion by the end of this decade, while revitalizing domestic manufacturing and employing millions more American workers,” Granholm said.