Last week, President Biden signed the new Inflation Reduction Act (IRA) into law, which will drive over $430 billion toward clean energy and sustainability solutions, with a specific focus on buildings. While the total amount is a step down from the $550 billion suggested in the 2021 Build Back Better proposal, the emphasis on buildings in addition to strong support of traditional renewable energy gives hope to the environmental community and begins to restore the US role as a global environmental leader. The key points impacting the smart buildings market include an expansion of the 179D Energy-Efficient Commercial Building Deduction, which will increase tax deductions more than 2.5 times for owners pursuing green projects, increasing from $1.88 per square foot to $5 per square foot. Federal tax credits for on-site carbon capture projects have also increased, from $20 per metric ton of carbon dioxide to $60 per ton — this opens up the market by dropping the minimum threshold […]