What You Need to Know to Take Advantage of the Inflation Reduction Act

April 10, 2023
Alexandra McManus - Construction Executive

The recent Inflation Reduction Act (IRA) offers asset owners and contractors considerable financial incentives for building qualified clean-energy projects. There are two main components to the IRA: apprenticeship utilization and the prevailing wage requirement. If these project requirements are met, the base credit increases from 6% to 30% for each project–and it brings more skilled workers into the industry at a time when they are desperately needed. This is outstanding motivation to get things right!

To be successful, it is critical to understand upfront what workforce data needs to be collected to stay within guidelines of the IRA. Also key is the ability to ease the reporting burden on construction teams by automating data collection processes. Doing so ensures the right metrics are captured to remain in compliance.

Reprinted courtesy of Alexandra McManus, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.

Ms. McManus may be contacted at alex@eyrus.com



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