- Correlate Infrastructure Partners is a technology-enabled energy-optimization and clean-energy-solutions provider
- The company is set to benefit from the Inflation Reduction Act, which seeks to, among other things, reduce carbon emissions
- According to Correlate CEO Todd Michaels, the Inflation Reduction Act could potentially accelerate the company’s growth, support its ability to own and operate nationwide solar and storage assets, and contribute to strengthening the economy through clean energy project deployment
Last fall, the US Congress passed the Bipartisan Infrastructure Deal, boosting the Administration’s efforts to combat the climate crisis. The deal sought to modernize infrastructure and make infrastructure safer, thereby building resilience against extreme weather and climate change. It also looked to reduce greenhouse emissions by modernizing the nation’s passenger rail system, building out a national network of EV chargers, and delivering thousands of electric school buses nationwide (https://nnw.fm/zyiLZ).
In the latest developments that are expected to boost the efforts of companies like Correlate Infrastructure Partners (OTCQB: CIPI), the US Senate on August 7 passed the Inflation Reduction Act of 2022 (https://nnw.fm/dmuzZ). The House of Representatives will likely pass the legislation within the following week.
The legislation, among other things, is designed to grow domestic energy production and manufacturing in ways aimed to reduce carbon emissions by approximately 40% by 2030. The move comes in the wake of recent devastating events that include the worst flooding in the history of Kentucky, which dislodged houses and left scores dead, and record high temperatures from heatwaves affecting vast parts of South Central U.S.
“The floods in Kentucky and extreme weather all around the country are yet another reminder of the intensifying and accelerating impacts of climate change and the urgent need to invest in making our communities resilient to it,” a recent article in The Guardian quotes the White House press secretary Karine Jean-Pierre as saying (https://nnw.fm/TKvN2). The recent Inflation Reduction Act and the November Bipartisan Infrastructure Deal capture these climate-oriented investments.
As envisioned by the Inflation Reduction Act, the government is set to allocate $370 billion to climate change. The amount will go toward providing tax credits that spur the manufacturing of renewable energy and carbon-reducing solutions such as solar panels, wind turbines, and electric vehicle (“EV”) technologies. Specifically, the legislation extends the current Investment Tax Credit (“ITC”) another ten years and increases the credit for solar energy from 26% to 30% for projects completed in 2022.
So far, the ITC has been credited with expanding the U.S. solar sector by over 10,000% since it was first implemented in 2006, according to the Solar Energy Industries Association (“SEIA”) (https://nnw.fm/gEVca).
The tax, production, and investment credits are also set to boost EV purchases. The federal investment will also fund research and state programs and includes money for preserving forests and coastal habitats as well as reducing pollution.
In a news release that comments on this historic bill, Correlate Infrastructure Partners, an energy optimization and clean energy solutions provider, extols the legislation as “incredibly important for the collective industry in many ways” (https://nnw.fm/w2gAp). According to the company, the tax, investment, and production credits will empower renewable infrastructure companies like Correlate to provide property owners with a simplified route to optimizing their energy profile to renewables while reducing their carbon footprint.
The increase and extension of the ITC, CEO Todd Michaels notes, will provide a more flexible structure for companies like Correlate to monetize that tax credit. “These two key proposals have the potential to accelerate Correlate’s growth, support our ability to own and operate nationwide solar and storage assets, and contribute to strengthening the economy through clean energy project deployment,” he adds.
Backed by technology, Correlate offers a complete suite of proprietary clean energy assessment solutions that enable commercial real estate owners to optimize their buildings. In addition, the company develops and finances renewable energy projects that make investment properties more efficient. And with investors increasingly analyzing their existing and potential investments through the lens of ESG (Environmental, Social, and Governance), Correlate offers affordable and potentially profitable energy solutions that align with investors’ renewed outlook.
For more information, visit the company’s website at www.CorrelateInfra.com, including the following:
- Breaking Down Barriers To Your ESG Goals While Generating Additional Net Operating Income: www.CorrelateInfra.com/our-process
- The company’s platform Generates New Rent and Operating Income, Allowing You to Meet Your ESG Goals: www.CorrelateInfra.com/program
NOTE TO INVESTORS: The latest news and updates relating to CIPI are available in the company’s newsroom at https://nnw.fm/CIPI
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