One target of the law is cleaner transportation, the largest source of climate pollution for the U.S. Siemens, one of the biggest tech companies in the world, produces charging stations for EVs. Executives say this alignment of U.S. policy on climate is driving higher demand for batteries.

"When the federal government makes an investment, we get to the tipping point faster," said Barbara Humpton, CEO of Siemens USA, adding that the company has invested $260 million in battery or battery storage projects in recent years.

The law also encourages more of the type of batteries that feed electricity to the grid when the wind is slack, or at night when the sun isn't hitting solar panels. It could put the storage business on the same upward trajectory that solar blazed a decade ago, said Michael McGowan, head of North American infrastructure private markets for Mercer Alternatives, a consulting firm.

Derrick Flakoll, North America policy associate at Bloomberg NEF, pointed out that sales at the largest manufacturer of solar panels in the U.S., First Solar, skyrocketed after the law passed, creating a big backlog of orders.

"This is years and years of manufacturing capacity that is already booked out because people are bullish about the U.S.-produced solar market," he said.

The IRA is also helping technologies that are expensive, but promising for near-term decarbonization.