Inflation Reduction Act green hydrogen subsidies could lower prices

Hydrogen industry experts discussed the rapid growth of their sector at the RE+ conference in Anaheim, California. They voiced amazement at recent developments, especially in light of the Inflation Reduction Act.

Utilities, pipeline corporations, and oil and gas giants have indicated interest in the specialized product. Plug Power began building its own hydrogen production facilities in response to a growing requirement for fuel for its 2010 hydrogen forklifts.

Many companies desired hydrogen market share for transportation, feedstock, or power generation, thus they invested heavily in R&D. These companies think it might not make sense now, but it will, and they’re well ahead of their competitors who are just getting started because they can monetize tax credits.

Hydrogen may potentially help overcome barriers to distributed renewable energy. Only a percentage of the energy utilized in the U.S. is supplied by the electric grid. Interconnection concerns show the complexity of switching to grid-based energy. Hydrogen is a solution. Electrolysers could be isolated close to wind or solar projects without grid access, freeing up natural resources.

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