Here’s some good climate news on clean energy. We need it.
President Biden’s Inflation Reduction Act should give us a lot of hope. Along with the Congressional Democrats, this is a landmark climate and clean energy bill.
One year in, it’s one of American history’s most successful pieces of legislation. Most people have no idea what it’s doing.
So, let’s find out what it’s accomplished so far.
American businesses have announced more than 270 new clean energy projects last year. Those projects are creating over 170,600 jobs in 44 states, totaling $278 billion in new investments for local economies. New projects are being announced every day.
The jobs it’s creating are everywhere. Over half of these new jobs are in districts represented by Republicans. That’s over 96,000 new jobs and over $224.8 billion in investments in 152 clean energy projects in 92 Republican-held districts.
Seventy-five percent of new clean energy jobs won’t require a four-year degree. Workers who complete an apprenticeship program can earn about $300,000 more in wages and benefits than those who don’t.
Clean Energy: Let’s Keep Going, There’s More
There’s more. The new solar and wind production increase has also meant a more reliable grid. This has kept the lights on and the air conditioning in this summer’s extreme heat. It saved Texas during its heatwave.
Also, because of the ramp-up in clean energy production, the cost of wind and solar has decreased by 54% and 37%, respectively. It’s now lower than coal, oil, and methane gas. In fact, for the first time ever, wind and solar power generated more electricity than coal-fired power over the first five months of 2023.
It has been estimated that the Inflation Reduction Act will provide $1.2 trillion of incentives by 2032. It’s creating the most supportive environment for cleantech in history.
With Made in America manufacturing returning, construction spending for manufacturing is reaching its highest level in 60 years.
For consumers, the Inflation Reduction Act is a game changer. The law’s residential tax credits alone could save more than 100 million households $37 billion annually on energy bills.
The Inflation Reduction Act is making jaw-dropping progress on clean energy and jobs just one year in. That is worth celebrating and sharing.