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IRA to your IRA

The recent Inflation Reduction Act (IRA) signed creates some stability and assurances for the renewables industry . This not only provides significant economic benefits for the country, but also for individuals, their careers, and financial growth.

So why is this Act any different from previous acts or bills?

The most obvious is the amount of the governmental incentives to push from more renewables and electric vehicles.

Another one that might not be quite as obvious is the fact that these benefits are much longer periods of time, like 10 years! Previous incentives usually had expirations every several years that lead to what was sometimes referred to as the “Solar Coaster” due to the ebbs and flows of policies or incentives, either at the federal or state levels. This is particularly important since investments in the past tried to predict upcoming policy changes that might impact project timelines and costs, and that in turn impacts company’s individual strategies and staffing.

Now how does that impact Individual Retirement Accounts (IRA)?

Well, that was really just a play with the IRA acronym, but there is some truth to that as many individual that join the industry can see amazing career opportunities and growth. Since there is going to be insurmountable staffing shortages to build, operate, and maintain these new facilities we should see a large increase in renewable companies that create very competitive incentives to attract and retain top talent in the industry.

Since these opportunities are going to come fast as often, there are several things that individuals will need to full consider when choosing the companies they are joining:

What’s in it for me? (WIIFM)

· Role and responsibility, what will you actually do day to day

· Growth opportunities and where the company is headed

· Retirement benefits

· Signing bonuses (currently several solar technician roles with signing bonuses over $15,000)

· Tuition or career development that the company provides

· Is the company actually sustainable

· Does the company live it values or are they just catch phrases

Check out our guides and resources available here.


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