Inflation Reduction Act Adds Dynamic Glass to the Investment Tax Credit
Passage of this legislation will have a transformative impact on the electrochromic glass industry
FARIBAULT, Minn., Aug. 17, 2022 /PRNewswire/ -- President Biden signed into law the Inflation Reduction Act, which includes numerous provisions to help decarbonize the US economy, including the addition of a new tax credit for dynamic glass. The bill added electrochromic glass to Section 48 of the Internal Revenue Code, commonly referred to as the Investment Tax Credit (ITC). The credit can cover up to 30% of the costs associated with dynamic glass, moving it towards cost parity with traditional glazing and shading solutions.
The passage of this bill is both a recognition of the decarbonization potential of electrochromic glass as well as the importance of the tax code as a market driver for newer technologies. "The ITC has a long track record of stimulating increased investment in renewable energy sources such as wind and solar. We applaud Congress and the Biden Administration for recognizing the importance of dynamic glass as a tool to combat climate change, while simultaneously improving the health and well-being of building occupants," said Michael Lane, VP of Sales for SageGlass. "This is a true game changer for the industry," Lane continues. "Dynamic Glass has proven itself for years in larger and larger applications, but first cost has remained an obstacle to large-scale adoption. This tax credit can go a long way towards making the technology more accessible."
The bill also contained additional changes for the Investment Tax Credit (ITC) which has a direct bearing on dynamic glass, including provisions for direct pay and credit transfer mechanisms. These new tools potentially enable certain tax-exempt entities to benefit from the credit [1]. "There are lots of important details related to credits like this and we look forward to consulting with our customers to help them understand the nuances of these changes," said Lane.
SageGlass is the global leader in electrochromic glass and is transforming the human experience in the built environment. With this smart technology, dynamic glass tints and clears automatically to optimize daylight and regulate temperature — all while maintaining unobstructed views of the outdoors.
With SageGlass, building occupants comfortably experience the biophilic benefits of the outdoors, including stress reduction, enhanced creativity, and greater wellbeing. Architects choose SageGlass to solve solar control challenges elegantly without sacrificing aesthetics. And SageGlass can help building owners use less energy and achieve sustainability and wellness certifications. The SageGlass Symphony® control system can be integrated into smart, connected building systems.
SageGlass holds more than 1,300 patents and counting. And as a wholly owned subsidiary of Saint-Gobain, SageGlass is backed by more than 350 years of building science expertise that only the world leader in sustainable environments can provide.
Worldwide leader in light and sustainable construction, Saint-Gobain designs, manufactures, and distributes materials and services for the construction and industrial markets. Its integrated solutions for the renovation of public and private buildings, light construction, and the decarbonization of construction and industry are developed through a continuous innovation process and provide sustainability and performance. The group's commitment is guided by its purpose, "MAKING THE WORLD A BETTER HOME."
€44.2 billion in sales in 2021
More than 166,000 employees, located in 70 countries
Committed to achieving Carbon Neutrality by 2050
For more details on Saint-Gobain, visit http://www.saint-gobain.com and follow us on Twitter @saintgobain.
[1] https://www.natlawreview.com/article/inflation-reduction-act-key-provisions-regarding-itc-and-ptc
SOURCE SageGlass
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