The Inflation Reduction Act of 2022 (IRA) has been described as the most ambitious piece of U.S. legislation for mitigating the impacts of climate change to date. The IRA includes several different programs that span different areas of the energy sector. A substantial portion of the IRA incentives focuses on expanding the amounts and scope of the Investment Tax Credit (ITC) and the Production Tax Credit (PTC) for new zero-emission projects in the power sector. Previous legislation pre-defined which of those two tax credits a zero-emission technology could take advantage of. However, the IRA opened the possibility that a qualifying project could decide to take either the PTC or the ITC, whichever is more beneficial. The IRA also created requirements for potentially increasing the value of these tax credits, depending on the project’s location (Energy Community bonus) and domestic content (Domestic Content bonus). All these characteristics of the IRA create several opportunities for decision makers in the U.S. power sector. This analysis uses EPRI’s U.S. Regional Economy, Greenhouse Gas, and Energy Model (US-REGEN) model to assess how the expanded ITC and PTC credits could impact decarbonization pathways and the deployment of new technologies in the U.S. power sector. Two new features are implemented in the model in this analysis: (1) the choice between ITC and PTC for each technology; and (2) the estimated geographic distribution of Energy Communities. The results suggest that the optimal choice between the ITC and PTC depends on several factors such as capital costs, estimated capacity factors, bonus eligibility, and other project specific characteristics. Projects with relatively high capital costs (such as nuclear and geothermal) may typically have more benefit from choosing the ITC, while solar PV and onshore wind may typically prefer the PTC. This analysis finds that the IRA Labor bonus and capital cost assumptions play larger roles in the deployment of new generation technologies than the Energy Communities and Domestic Content bonuses. However, the Energy Community bonus may have an important role in siting decisions of new renewable projects. Roughly 75% of solar PV and 40% of onshore wind could be built in Energy Communities by 2030. Finally, the results show that the expanded ITC and PTC credits are generally in place through at least 2040, since the 25% of 2022 CO2 threshold is not reached before this year.