The Inflation Reduction Act is the biggest climate bill in U.S. history 🇺🇸
Here are 6 things you need to understand about America’s newest climate law
1. It’s a really big deal
After decades of gridlock, Congress just hit the gas (or, accelerator) on climate action.
The Inflation Reduction Act of 2022 will help reduce America’s carbon emissions 40% by 2030. It doesn’t get all the way to the official goal of 50% reduction by 2030, but it gets the ball within striking distance ⚽️ 🎯
The Inflation Reduction Act does a few things really well:
- It incentivizes clean energy, electric cars, and electric homes
- It invests in green technology to ramp up manufacturing and meet all the new demand
2. Affordable clean energy is a win-win-win-times-infinity
The benefits of clean energy extend beyond climate! Here are just a few:
It will save American lives
Fossil fuels pollute the air with toxic chemicals that sicken and kill Americans, particularly those in communities near the extraction and burning of fossil fuels. It’s estimated that this bill will save 180,000 American lives through 2030 by improved air quality alone.
It will save Americans money
By 2030, every American household will save $200 per year thanks to lower electricity costs 📉
That’s everyone, whether or not you drive an electric car or electrify your home 🤑
It will reduce the impact of energy price spikes
Turns out being dependent on oil cartels and oligarchs has its downsides. Namely volatile energy prices. Clean energy on the other hand is American owned, and keeps costs cheap and predictable for decades to come.
3. America’s economy will be transformed (in a good way)
We can’t know exactly what our economy will look like, but here’s what experts think will happen by 2030 (in just 8 years!):
- ~80% of American electricity will be from clean sources (up from 40% today) ⚡️
- Clean power production from solar, wind, and other clean sources will TRIPLE 🔋🔋🔋
- The vast majority of new cars and trucks sold will be electric 🚗
- Over 1 million new jobs will be created across the country in clean energy, clean manufacturing, and building retrofits 👷♀️
Help spread the word about the benefits of the Inflation Reduction Act!
4. It will become a lot more affordable to electrify your home and transportation
Thanks to the Inflation Reduction Act, there are several important new credits available to help households be more efficient or switch to clean energy. These will make it more affordable for you to install things like rooftop solar, heat pumps, heat pump water heaters, heat pump dryers, induction stoves, insulation, and new windows.
Here are some of the highlights:
- A 30% rooftop solar tax credit for all residences, plus an extra 20% tax credit for solar installed in low income communities.
- New rebates for home weatherization and electrification. If your household income is less than 80% of the area median income, you can cover the full cost, including installation. If your household income is 80-150% of the area median income, you can cover 50% of your costs, up to $14,000.
- New rebates for new ($7500) and used ($4000) electric vehicles, making EVs accessible to more Americans of all income levels.
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5. City, town, country… there’s something for every community.
Now no matter where you live in the U.S., there’s almost certainly a program to benefit your community in the transition to a brighter, greener future.
Disadvantaged communities will receive money and programs to address environmental and health challenges resulting from climate change and fossil fuels. These initiatives include:
- Community-led climate projects
- Equitable transportation access
- Reducing pollution at transportation hubs (railways, airports, and ports)
- Reducing pollution near schools
- Grants to make affordable housing more energy efficient
What’s more, over 20,000 jobs will be created in disadvantaged communities to support these programs!
Cities, which need to retrofit buildings and electrify public transit on a mass scale, will receive funding for:
- EV and public transit charging infrastructure
- increasing the energy efficiency of new and existing buildings
- Rebates for zero emissions garbage trucks and buses
- Grants to grow urban forests which will lower temperatures and protect residents from extreme heat
Rural communities, which have seen the land in and around their communities being ravaged by the impacts of climate change, will receive funding for:
- Wildfire resilience
- Drought assistance
- Grants to electric co-ops to retire coal fired power plants and move to clean energy sources.
More than 69,000 jobs will be created in rural communities to support these programs.
6. But the work ain’t over
As encouraging as these new incentives and programs are, there’s more to do to rein in the worst impacts of climate change and restore a healthy climate for our future grandkids (or your future dog-kids if you’re a pet person).
Join our nonpartisan grassroots organization and help us set Congress’ sights on the policies and solutions that will get us the rest of the way to a livable future!
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