Biden Inflation Reduction Act boosting economy and greening the US, but too few know it
- North Shore Democrats of Travis County
- Oct 8, 2023
- 2 min read
Who says we can’t have a strong economy and a greener American? President Biden’s Inflation Reduction Act is making life better on two levels — improving the economy in the short term, and greening America for the long term.
Solar is undergoing an unprecedented boom, and so are electric vehicles and battery production.
Unfortunately, too many Americans are unaware of the law’s awesome achievements. One poll found that only 66% of Americans say they have heard “little” or “nothing at all” about the law’s incentives for installing rooftop solar panels, and 77% have heard little or nothing about subsidies for heat pumps. This is on track with polling from a year ago (5, 6).
Solar boom
The US solar industry is expecting to install an unprecedented 32 gigawatts of new capacity in 2023, according to the Solar Energy Industries Association and Wood Mackenzie (1, 2, 3).
Compared to 2022, installed solar capacity will soar 52%. Wood Mackenzie expects total US operating solar capacity to grow from 153 GW today to 375 GW by 2028 — a whopping 145% increase.
EVs: $60 billion investment, 42k jobs
The IRA’s impact on electric vehicles and battery manufacture is just as impressive. Sixty-eight EV/battery projects have been announced since the IRA’s passage, representing investments totaling $60 billion and creating more than 42,000 jobs. Many of these jobs are in red states (4). (How long before anti-IRA GOP politicians (which is virtually all of them) shamelessly seize credits for these investments?
For example, Hyundai is rushing to start electric vehicle and battery production as soon as possible at a $7.6 billion facility near Savannah, GA, spurred by federal electric vehicle incentives that reward domestic production. Hyundai anticipates hiring thousands of people for the plants (7).
$$ for home improvements
And the IRA has plenty in store for green home improvements, too. As one example, families can claim up to $1,200 in credit each year for adding insulation or installing efficient windows and doors, with a special credit of as much as $2,000 for electric heat pumps that provide super-efficient heating and cooling (8,9).
The IRA is a huge step in the right direction, not only for the economy, but, urgently, to help cut greenhouse-gas emissions. Tell your friends.
Links:
1 - https://electrek.co/2023/09/06/us-solar-installations-expected-to-be-a-record-32-gw-in-2023/#:~:text=The US solar industry is,(SEIA) and Wood Mackenzie
3 - https://www.nytimes.com/2023/10/01/opinion/rebates-tax-credits-energy-homes.html (possible paywall)
6 - https://www.washingtonpost.com/climate-environment/2023/08/07/biden-white-house-climate-policy/ (possible paywall)
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