The passage of this law will have a transformative effect on the electrochromic glass industry.
FARIBO, Minnesota., August 17, 2022 /PRNewswire/ — President Biden signed into law the Inflation Reduction Act, which includes numerous provisions to help decarbonise the US economy, including the addition of a new dynamic glass tax credit. The bill added electrochromic glass to Section 48 of the Internal Revenue Code, commonly referred to as the Investment Tax Credit (ITC). The loan can cover up to 30% of the costs associated with dynamic glass, bringing it closer to cost parity with traditional glazing and shading solutions.
The passage of this bill is in recognition of the potential for decarbonization of electrochromic glass, as well as the importance of the tax code as a market driver for new technologies. “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 improving the health and well-being of the building’s occupants,” the statement said. Michael Lane, Vice President of Sales, SageGlass. “This is a real game changer for the industry,” Lane continues. “Dynamic glass has proven itself over the years in larger and larger applications, but the initial cost has remained a barrier to large-scale adoption. This tax break could go a long way in making the technology more accessible.”
The bill also contained additional changes to the Investment Tax Credit (ITC), which is directly related to dynamic glass, including provisions for direct payment and credit transfer mechanisms. These new instruments potentially allow certain tax-exempt entities to benefit from the loan. . “There are many important details associated with these loans, and we look forward to consulting with our clients to help them understand the nuances of these changes,” Lane said.
SageGlass is the world leader in electrochromic glass and is changing the human experience in the built environment. With this intelligent technology, the dynamic glass is automatically tinted and cleaned to optimize daylight and regulate temperature while maintaining an unobstructed view of the outdoors.
With SageGlass, building occupants comfortably enjoy the biophilic benefits of the outdoors, including stress reduction, increased creativity, and improved well-being. Architects choose SageGlass to elegantly solve their solar control needs without sacrificing aesthetics. And SageGlass can help building owners use less energy and earn sustainability and wellness certifications. The SageGlass Symphony® control system can be integrated into intelligent, connected building systems.
SageGlass has over 1,300 patents and continues to grow. And as a subsidiary of Saint-Gobain, SageGlass draws on over 350 years of building science expertise that only a world leader in sustainable environment can provide.
Saint-Gobain, a global leader in light and sustainable construction, develops, manufactures and markets materials and services for the construction and industrial markets. Its comprehensive solutions for the renovation of public and private buildings, light construction and decarbonization of construction and industry are developed through a continuous innovation process and ensure sustainability and performance. The group’s commitment is driven by its goal of “MAKE THE WORLD A BETTER HOME”.
44.2 billion euros in sales in 2021
Over 166,000 employees in 70 countries
Aiming for carbon neutrality by 2050
To learn more about Saint-Gobain, visit http://www.saint-gobain.com and follow us on Twitter. @saintgobain.
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