Hopes for hydrogen in the US have been heightened after the breakthrough Tax and Climate Bill was agreed on Thursday (July 28), seeing the US Senate offer a $3 per kg in tax credits, that look to make green hydrogen cheaper to produce than grey.
Under the $433bn Inflation Reduction Act of 2022– described by US President Joe Biden as the ‘most significant legislation in history to tackle the climate crisis’ – qualified clean hydrogen producers look set to receive a tax credit for up to $3 per kg of hydrogen, effectively taking $3 per kg off the cost of production.
At current prices, the tax credit would see production costs of green hydrogen in the Rockies, Southern California, Mid-continent and Northwest of the US the cheapest in the world.
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