On the one-year anniversary of the Inflation Reduction Act, the U.S. Department of Energy (DOE) released a new report showing the incredible impacts that the Inflation Reduction Act and the Bipartisan Infrastructure Law are positioned to have by 2030. In celebration of IRA’s historic investments in clean energy and climate action, here are just three of the IRA and BIL impacts you can expect to see.
Impact #1: Save American families up to $38 billion on electricity bills
The Inflation Reduction Act and the Bipartisan Infrastructure Law, part of President Biden’s Investing in America agenda, are set to play a pivotal role in promoting clean, cost-effective electricity — and they're doing so while also reducing electricity bills. That's because clean energy sources like wind and solar are cheaper to operate once they’re built; unlike gas and coal plants, there are no fuel costs.
Americans can also save more on gasoline prices, which are forecasted to decline up to 13% between 2022 and 2030. That means lower energy prices for Americans, leaving people with more disposable income and cash in their pockets.
Impact #2: Strengthen U.S. energy security by reducing net crude oil imports by nearly 60%
Electrification and improved efficiency in transportation and buildings enable the United States to dramatically reduce expenditures on foreign crude oil and petroleum products. President Biden’s commitment to energy independence will help protect Americans from volatile global oil markets.
Impact #3: Position the U.S. to reduce net greenhouse gas emissions 40% below 2005 levels by 2030
Through a wide range of provisions and programs, the Inflation Reduction Act and the Bipartisan Infrastructure Law are working to reduce harmful greenhouse gas emissions across economic sectors. This new DOE analysis shows that this will be achieved by:
- investing in clean electricity sources, projected to double their share by end of the decade,
- expanding access to electric vehicles,
- improving energy efficiency in American homes and businesses, and
- supporting opportunities in industrial decarbonization
The Inflation Reduction Act and the Bipartisan Infrastructure Law will advance the nation toward our climate goals and strengthen the U.S. economy.