WASHINGTON – October 12, 2022 (Investorideas.com Newswire) The clean electricity tax investments in the Inflation Reduction Act (climate bill) are poised to drive a major clean energy shift that delivers strong and positive economic, climate and health benefits across the country, a new analysis released today by NRDC (Natural Resources Defense Council) shows. These tax credits are a part of the broader climate bill, which will deliver additional benefits beyond what is contemplated in this report.
“The climate bill’s clean electricity investments are teed-up to usher a new era of the U.S. clean energy transition,” said Derek Murrow, senior director of NRDC’s Climate and Clean Energy program. “These substantial investments will help households save on their electricity bills, create hundreds of thousands of clean energy jobs, spur U.S. innovation, slash climate-warming pollution, and help millions of people live healthier lives.”
At a time when consumers are concerned about rising energy costs and the nation’s economic future, NRDC’s “Clean Electricity Tax Credits in the Inflation Reduction Act Will Reduce Emissions, Grow Jobs, and Lower Bills,” analysis shows that the investments will save households $52 annually on their electricity bills in 2035, for a total national savings of $60 billion over the next 15 years.
In addition, the clean electricity tax investments will lift the economy overall. Power sector investments supported by the bill will create as many as 382,000 clean energy jobs annually in 2035-such as in the wind, solar and battery storage industries- and drive up to $467 billion in economic activity over the next 15 years, the analysis shows.
Overall, the investments will spur U.S. manufacturing, slash climate-warming carbon pollution 40 percent or more; and cut other harmful air pollutants from the power sector such as sulfur dioxides and nitrogen oxides, which create soot and smog and are linked to chronic health impacts on local communities. These disproportionately affect low-income communities and people of color who often live next to polluting infrastructure.
“When fully in place, the climate bill’s clean electricity investments will help address the climate crisis and break our dependence on fossil fuels, protect public health and prompt the fastest buildout of renewable energy and over low-carbon resources in U.S. history. But these extraordinary benefits won’t just magically appear,” said Amanda Levin, report co-author and director of policy analysis in NRDC’s Science Office. “Now we must ensure these investments are implemented swiftly, the right way and without delay.”
NRDC used a variety of modeling tools and methodologies to assess only the $145 billion clean electricity tax credit package in the Inflation Reduction Act and its climate and economic impacts on the power sector economy. Other recent studies have analyzed the impact of the broader $369 billion climate package included in the Inflation Reduction Act.
The analysis finds that in 2035, Inflation Reduction Act Clean Electricity tax credits will annually:
save the average U.S. household $52 on electricity bills
create 341,000 to 382,000 high-quality jobs
drive $52 to $58 billion in new economic activity
grow wind and solar power generation to 46 percent of the nation’s electricity
cut 340 million tons of annual carbon emissions from the power sector
deliver $9.5 billion to $10.1 billion in health benefits from avoided air pollution
Furthermore, the NRDC analysis finds that from the period of 2023-2038, Inflation Reduction Act clean electricity tax credits will overall:
save U.S. households $60 billion in cumulative electricity bill savings
drive $420 to $467 billion in cumulative economic activity
add 580 gigawatts of capacity for new zero- and low-carbon resources on the grid
prevent 2.9 billion tons of cumulative carbon emissions from the power sector
deliver more than $74 billion in cumulative health benefits, preventing:
9,200 premature deaths
18,700 asthma attacks, cardiac arrests, and strokes
6.1 million lost school and workdays
The Inflation Reduction Act’s clean electricity tax credits are expected to add onto action at the local, state, and federal levels, delivering even greater economic, climate and health benefits across the country.
“Eliminating emissions from the electricity grid should be one of our highest climate priorities,” said report co-author and NRDC policy analyst, Jackie Ennis. “The clean electricity tax credits in IRA present an unprecedented opportunity to kickstart that flywheel. Their implementation, coupled with local, state, and utility action, will be key to achieving Present Biden’s goal of an 80 percent clean grid by 2030.”
A blog by Jackie Ennis and Amanda Levin on the analysis is here: https://www.nrdc.org/experts/jacqueline-ennis/nrdc-analysis-ira-will-spur-clean-energy-transition
The analysis, Clean Electricity Tax Credits in the Inflation Reduction Act Will Reduce Emissions, Grow Jobs, and Lower Bills, is here: https://www.nrdc.org/resources/clean-electricity-tax-credits-inflation-reduction-act-will-reduce-emissions-grow-jobs-and
NRDC (Natural Resources Defense Council) is an international nonprofit environmental organization with more than 3 million members and online activists. Since 1970, our lawyers, scientists, and other environmental specialists have worked to protect the world’s natural resources, public health, and the environment. NRDC has offices in New York City, Washington, D.C., Los Angeles, San Francisco, Chicago, Bozeman, MT, and Beijing. Visit us at www.nrdc.org and follow us on Twitter @NRDC.
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