For Immediate Release: The United States Legislature recently passed two key pieces of legislation to overcome challenges that are aftereffects of the long-term infrastructure build up in the energy integration industry, economic impacts from past and current recessions, and from production shortages caused by the pandemic.
The CHIPS and Science Act, signed into law at the end of July, and The Inflation Reduction Act, signed into law this past week, are programs that aim to strengthen the economy with domestic sourcing of key components, funding for clean energy manufacturing and recycling, energy efficiency projects, and to help lower utility bills through more efficient building codes.
The CHIPS Act offers up to 25 percent in tax credits, totaling more than $55 billion in tax incentives, for microchip plant construction. This program is intended to overcome microchip shortages that have occurred in recent years causing supply chain issues across multiple industries. These policies are expected to make an historic recovery in manufacturing, adding 642,000 manufacturing jobs domestically.
The Inflation Reduction Act, among other programs, backs decarbonization and energy efficiency initiatives for residential, commercial, and industrial applications with $369 billion in energy security and climate change programs over the next 10 years. The purpose is to boost the decarbonization of all sectors of the U.S. economy through technology and innovation.
The Act funds innovation in the following ways:
- To migrate from fossil fuel production towards renewable natural gas & clean hydrogen production
- Grid infrastructure modernization to support influx of electric vehicles, including energy storage systems and components
- Grid infrastructure modernization for integration of renewable energy applications, addressing intermittency issues and load congestion during peak usage hours
- Compression Equipment designed to remove, use, or sequester carbon oxide emissions
- Re-equipping industrial and manufacturing facilities to reduce greenhouse gas emissions by 20%
- Recycling of critical materials
Stark Tech, which serves a national customer base, is headquartered in Buffalo, NY, a city that was once a key contributor to the industrial revolution, which, while good for innovation, damaged the environment with greenhouse gas emissions. Through an acquisition strategy that both grows the company, expands capabilities with reputable technology and service providers, and enhances technical expertise, Stark Tech has been helping commercial and industrial building owners achieve their energy efficiency goals since 2013. In addition, Stark Tech’s capabilities are used to overcome skilled trade shortages, provide the necessary technology to aid in grid infrastructure modernization, reduce greenhouse gas emissions, and measure and report on the successes and shortcomings of investments made by the end user.
“Power management continues to be a growing focus of our business. We recognized, long before these Acts became law, that our customers are negatively impacted by an increasingly unreliable grid. Our mandate is to keep buildings and businesses aligned with their missions, which may include designing and implementing quality parts, keeping assets running efficiently and smoothly through automation and dynamic commissioning, minimizing unplanned downtime of assets through 24/7 monitoring, and improving efficiencies across the board,” said Tim Geiger, President of Stark Tech. “We continue to make investments needed to be a one-stop-shop for our customers, so that we can act quickly in an ever-changing environment.”
Stark Tech is a leader in optimizing facilities and power sources, aligning technology with real world experience across a broad portfolio of capabilities. Stark Tech is a single source for turnkey, comprehensive tech solutions for master systems integration, equipment, & renewable energy