Granholm: Inflation Reduction Act boosted US, New Mexico manufacturing
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Jennifer Granholm, the secretary of the Department of Energy, praised the federal Inflation Reduction Act for job creation and business expansion during a visit to Albuquerque, where she attended the groundbreaking of Array Technologies’ expanded solar tracking manufacturing campus. The company’s new $50 million facility is expected to bring more than $300 million in economic benefits over the next decade to Albuquerque and create over 300 jobs. Granholm stressed that the Inflation Reduction Act, along with other legislations like the bipartisan infrastructure law and the CHIPS and Science Act, have spurred manufacturing growth nationwide, contributed to low unemployment rates, and incentivized apprenticeships.
Secretary of Energy Jennifer Granholm Speaks on Inflation Reduction Act’s Impact in Albuquerque
Secretary of Energy, Jennifer Granholm, commended how the federal Inflation Reduction Act has induced job creation and business expansion during a visit to Albuquerque. Granholm applauded the commencement of an extended solar tracking manufacturing campus by Array Technologies. The new facility being constructed in west Albuquerque will complement the existing one.
Investments and Job Creation from Array Technologies’ Expansion
The new $50 million facility is projected to bring over $300 million economic benefits to Albuquerque in the next decade. With a size of about 216,000 square feet, the new campus will employ over 300 people with diverse roles in solar tracking technology production, assembly, design, engineering, and customer support.
Funding and Incentives for the Expansion
Array received $2.5 million in economic aid from the state’s Local Economic Development Act job-creation fund. Additionally, Albuquerque and Bernalillo County contributed $250,000 in LEDA funds and a partial property tax abatement through an industrial revenue bond. The company is also benefitting from incentives offered in the federal Inflation Reduction Act, a 2022 law providing the largest investment in addressing climate change in U.S history. Array Technologies credits the production tax credit for enabling its expansion.
National Impact of the Inflation Reduction Act
Array Technologies joins hundreds of businesses nationwide that have profited from the Inflation Reduction Act’s incentives. According to Granholm, over 600 companies in the energy sector are expanding operations or establishing facilities in the United States due to President Joe Biden’s Investing In America Agenda, which includes the Inflation Reduction Act and other pivotal legislations like the bipartisan infrastructure law and the CHIPS and Science Act. These expansions and new establishments equate to tens of thousands of well-paying jobs.
Visits to Other Benefited Establishments
Alongside visiting Array Technologies’ groundbreaking, Granholm also visited the Arcosa Wind Towers, a wind turbine manufacturing facility that has equally benefited from the Inflation Reduction Act. Granholm indicated that eight companies in New Mexico, including Array Technologies, have announced plans to extend their operations courtesy of the Inflation Reduction Act.
New Mexico’s Employment Rate and Role of Senators
Granholm pointed out that the United States, including New Mexico, has impressively low unemployment rates partly due to manufacturing explosion resulting from the Inflation Reduction Act, the bipartisan infrastructure law, and the CHIPS and Science Act. New Mexico’s senators played significant roles in drafting sections of the Inflation Reduction Act to bring these benefits to the state.
Workforce Development and Incentives
The Inflation Reduction Act has been instrumental in building workforce through incentivizing apprenticeships. The act provides increased tax credits for companies meeting certain criteria, including the use of apprentices and paying prevailing wages.
Other Impacts of the Inflation Reduction Act in New Mexico
The Inflation Reduction Act passed in 2022 has done more than just aiding business expansion in New Mexico. Recently, the U.S. Environmental Protection Agency announced that the state will receive $156 million to expand access to solar due to funding from the Inflation Reduction Act. The Act’s funding is also being used to widen access to clean water and reduce transportation sector emissions.
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