ONE YEAR AGO, on August 16, 2022, President Biden signed the Inflation Reduction Act into law – the largest investment in clean energy and climate action ever. The Inflation Reduction Act is a transformative law that is helping the United States meet its climate goals and strengthen energy security, investing in America to create good-paying jobs, reducing energy and health care costs for families, and making the tax code fairer.
Just twelve months after the law was signed, it is already having a significant impact on American workers and families, and is delivering for underserved communities and those that have been too often left behind. Outside groups estimate the Inflation Reduction Act’s clean energy and climate provisions have created more than 170,000 clean energy jobs already, companies have announced over $110 billion in clean energy manufacturing investments in the last year alone, the law is delivering billions of dollars to protect communities from the impacts of climate change, and millions of seniors are saving money because their insulin is capped at $35 per month.
Today, to mark the anniversary of the Inflation Reduction Act, the Biden-Harris Administration is releasing a new feature on Invest.gov that highlights stories of how the Inflation Reduction Act and Bidenomics are making a difference for Americans in all 50 states and U.S. territories. Bidenomics is the President’s vision for growing the economy from the middle out and bottom up, including by investing in America, creating good-paying union jobs, and lowering cost for American families.
In the 12 months since the Inflation Reduction Act was signed into law:
Just twelve months after the law was signed, it is already having a significant impact on American workers and families, and is delivering for underserved communities and those that have been too often left behind. Outside groups estimate the Inflation Reduction Act’s clean energy and climate provisions have created more than 170,000 clean energy jobs already, companies have announced over $110 billion in clean energy manufacturing investments in the last year alone, the law is delivering billions of dollars to protect communities from the impacts of climate change, and millions of seniors are saving money because their insulin is capped at $35 per month.
Today, to mark the anniversary of the Inflation Reduction Act, the Biden-Harris Administration is releasing a new feature on Invest.gov that highlights stories of how the Inflation Reduction Act and Bidenomics are making a difference for Americans in all 50 states and U.S. territories. Bidenomics is the President’s vision for growing the economy from the middle out and bottom up, including by investing in America, creating good-paying union jobs, and lowering cost for American families.
In the 12 months since the Inflation Reduction Act was signed into law:
- The private sector has announced more than $110 billion in new clean energy manufacturing investments, including more than $70 billion in the electric vehicle (EV) supply chain and more than $10 billion in solar manufacturing. Since the President was elected, the private sector has announced approximately $240 billion in new clean energy manufacturing investments.
- Investments in clean energy and climate since the Inflation Reduction Act was signed into law have created more than 170,000 jobs, and the law is projected to create more than 1.5 million additional jobs over the next decade according to estimates by outside groups.
- Public and private sector investments driven by the Inflation Reduction Act and the Bipartisan Infrastructure Law are expected to reduce greenhouse gas emissions by approximately 1 billion tons in 2030.
- The Administration has already awarded over a billion dollars to help communities become more resilient and protect them from the disastrous impacts of climate change, including drought, heat, and extreme weather.
- American families are projected to save $27-38 billion on their electricity bills from 2022-2030 relative to a scenario without the Inflation Reduction Act, according to new data released by the Department of Energy today.
- Nearly 15 million people are saving an average of $800 per year on their health insurance premiums, the nation’s uninsured rate has reached an historic low, and millions of seniors on Medicare are paying less in out-of-pocket costs for prescription drugs—including insulin, which is capped at $35 per month.
- The Internal Revenue Service (IRS) is strengthening enforcement against wealthy tax cheats and increasing recoveries from delinquent millionaires—while improving customer service for law-abiding taxpayers, including cutting phone wait times from 28 minutes last tax season to 3 minutes this year.
