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The Inflation Reduction Act, historically the most substantial federal investment in modernizing the American energy industry, is positively impacting our very own Marion County and will become very important to our business community.
An influx of renewable energy companies choosing to conduct business in West Virginia has been observed — thus creating new jobs for in-state workers and building substantial tax revenue. Thanks to the clean energy provisions included in the IRA, our home state is quickly gaining a reputation as a prosperous place to live and do business. As such, Marion County is doing its part to help West Virginia maintain its status as a Top 5 energy-producing state in the nation.
The IRA’s clean energy federal investments are broadening our energy portfolio, bolstering our production capabilities, and diversifying the secure jobs we can offer Marion County citizens.
In recent years, West Virginia has seen an outflux of young professionals moving away from the state in search of more lucrative career opportunities and stable futures. Even those residing in Marion County had sought jobs in neighboring states because those markets could provide higher wages.
Today, the IRA allows new clean energy companies to come to West Virginia and provide quality careers for our residents. A future is on the horizon where renewable energy is prioritized as an integral industry, which will launch local economies across West Virginia toward prosperity.
The IRA is a monumental, first-of-its-kind piece of legislation because it offers secure, long-term policy commitments to clean energy initiatives. It allows companies enough time to use the allotted tax credits to develop realistic project timelines and construct facilities throughout the coming years. Recipients can delay construction until 2025 even if their federal contributions are distributed immediately.
Less than two weeks after being signed into law, the IRA directly contributed to Riley Properties’ new solar grid at its Fairmont, West Virginia facility in Marion County. The IRA contributed $13,701 toward this clean energy project, which is projected to reduce the building’s annual power cost by $3,168. This pioneering investment is only the beginning of the IRA’s potential to provide substantial renewable energy credits at the commercial power grid level.
Additionally, brownfield sites are returning to their former glory as they’re transformed by new energy projects with support from the IRA. A brownfield site is described as a deactivated energy community that once housed an oil, gas, or coal fueled production facility that provided heavy employment for its local economy. The IRA allows local economies to invest in modernized clean energy sources to build economic stimulation in these once prosperous sites around West Virginia.
As such, Marion County has already begun receiving exciting announcements regarding brownfield site reclamation. Mon Power has selected five sites in West Virginia to build and operate solar facilities, one of which is a retired 27-acre ash disposal site in Marion County. Throughout the construction and maintenance phases, Mon Power can employ local labor to get the job done.
Marion County residents have already committed to the use of Mon Power’s local substation where the solar energy will be channeled. Investments in future projects like this one, accelerated by IRA credits, will pave the way for affordable, renewable energy that will bring unprecedented economic prowess to Marion County.
Congressional work to secure the Inflation Reduction Act has shaped a more prosperous outlook for the hard-working people of Marion County, and it will undoubtedly continue to do so in never-before-seen ways. The IRA will revitalize our entire state, helping us reach cleaner air quality, maintain West Virginia’s status as a leader in energy production, and bring new economic opportunities in renewable energy like Riley Properties’ solar panels and Mon Power’s reclaimed ash disposal site as a commercial-level solar grid in Marion County.
A bright and clean dawn is on the horizon in Marion County and across our Mountain State.
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