One Year After Becoming Law, The Inflation Reduction Act Is Reducing Costs For American Families, From Health Care To Home Rebates, And Creating Thousands Of Jobs In The Process
The historic Inflation Reduction Act, passed by Senate Democrats and signed into law by President Biden one year ago, is already having a huge impact nationwide, cutting costs for families and seniors, creating jobs, and taking historic action to fight climate change. Provisions in the Democrats’ bill are lowering insulin costs and providing older Americans on Medicare free lifesaving vaccines. And, Americans can now take advantage of tax credits to make their homes more energy efficient.
As a result of historic provisions in the Inflation Reduction Act, companies are making major investments across the United States, creating thousands of good-paying jobs, supporting our economy, and bringing back American manufacturing. According to one report, since passage of the Inflation Reduction Act “nearly 80 major clean energy manufacturing facilities have been announced, an investment equal to the previous seven years combined.” From electric vehicle manufacturing to increasing production of clean energy and all the jobs and investments created as a result, states across the country are seeing the impact of this historic legislation.
Read More About How The Inflation Reduction Act Is Already Reducing Costs For American Families, From Health Care To Home Rebates:
Spectrum News: Study: Medicare Beneficiaries Have Filled More Insulin Prescriptions Under The Inflation Reduction Act
CNN: Senior Citizens Won’t Pay More Than $35 A Month For Insulin As New Drug Provisions Kick In
NY Times: Medicare Begins To Rein In Drug Costs For Older Americans
CNBC: Pfizer Will Have To Pay Rebates To Medicare For Five Drugs Under Biden Plan To Lower Rx Costs
Cronkitenews AZ PBS: ‘Momentous’: Sweeping Federal Law Will Lower Prescription Drug Costs For Medicare Recipients
ABC Action News (FL): Why Older Adults On Medicare Can Expect To Save Money This Year
Indy Star (IN): How Can The Inflation Reduction Act Help Hoosiers Save Money This Year
TMJ 4 (WI): New Drug Provision Drops Price Of Insulin For Medicare Users To Just $35 A Month
WTOC (GA): Free Vaccines For Medicare Under Inflation Reduction Act
News 5 Cleveland (OH): Inflation Reduction Act To Lower Costs Of Prescription Drugs For Those On Medicare
Local 21 News (PA): Insulin Costs Impacted By Inflation Reduction Act
KTNV (NV): Nevada Seniors See Impact Of Inflation Reduction Act On Prescription Drug Costs
Up North News WI: Medicare Recipients in Wisconsin Can Get the Shingles Vaccine for Free Because of President Biden’s Inflation Reduction Act
Electrek: Here’s How Much Money You’ll Get With The Inflation Reduction Act
CNBC: Consumers May Soon Get Up To $14,000 Or More In Rebates For Making Energy-Efficient Home Upgrades — If States Sign On
Bloomberg: US States Can Finally Start Applying for IRA Incentive Money
Reuters: US Launches $8.5 Billion In Rebates For Home Energy Efficiency
WENY: Federal Assistance Coming For New Yorkers with Utility Bills
CBS News: Biden's Inflation Law Offers Up To $14,000 For Home Upgrades. Here's How To Qualify
Wall Street Journal: Inflation Reduction Act Is Big Win For Serial Green-Home Remodelers
Michigan Radio: Michigan Utilities Say Inflation Reduction Act Will Lower Cost Of Transition To Renewable Energy
WFMY News 2 (NC): Cha-Ching! Here Are The Tax Credits For Home Upgrades And New Appliances
The News & Observer (NC): The Inflation Reduction Act Is Clean Energy’s ‘Super Bowl.’ How Can NC Benefit?
Milwaukee Journal Sentinel (WI): $150 Million In Federal Infrastructure Rebates Can Help Wisconsin Residents ‘Green’ Their Homes.
Cleveland.com (OH): The Cost Of Installing Solar Panels On Homes And Businesses Just Got Cheaper, Thanks To The Inflation Reduction Act
News Center Maine: What The Inflation Reduction Act Means For Maine
NJ.com: Rebates, Tax Credits, Electric Cars & More. What Biden’s New Climate Law Means For N.J. And You
Read More About How One Year Later, The Inflation Reduction Act Is Incentivizing Companies To Invest In The United States And Create Jobs:
Axios: The New Climate Law Is Upending The Solar Landscape
Electrek: How Solar Has Exploded In The US In Just A Year – In Numbers
GreenBiz: U.S. Job Growth Surges With The IRA
AP: One Year Old, US Climate Law Is Already Turbocharging Clean Energy Technology
Solar Power World: Siemens To Begin U.S. Solar String Inverter Manufacturing In 2024
Reuters: First Solar Chooses Louisiana To Build Fifth US Panel Factory
Electrek: Maxeon Is Going To Open A 3 GW Solar Factory In New Mexico
CNBC: First Solar Announces Fifth U.S. Factory As Inflation Reduction Act Fuels Domestic Manufacturing
PV Magazine: Heliene Plans To Manufacture 1 GW Solar Modules, 1.5 GW Solar Cells In The U.S.
Las Vegas Review Journal: Solar Parts Manufacturer Plans To Triple Operations In Nevada
Electrek: Magna Invests $790 Million To Set Up Shop And Supply Ford’s Blueoval City In Tennessee
Reuters: Italy's Enel To Invest More Than $1 Bln In Oklahoma Solar Panel Factory
NY Times: LG Will Spend $5.5 Billion On A Battery Factory In Arizona
Reuters: Exclusive: Group Backed By India's Vikram Solar To Invest $1.5 Billion In New US Factories
Electrek: Meyer Burger Abandons German Solar Cell Factory Plans To Build A US Factory Instead
Jacksonville Business Journal (FL): Solar Panel Manufacturer Eyes Massive Expansion, Creating Hundreds Of Jobs
The Telegraph (GA): Maker Of EV Battery Materials Coming To Southwest Georgia With $800 Million Investment
Reuters: Kia To Invest $200 Million In US Plant, Build EV9 SUV In 2024
NY Times: Korean Solar Company Plans To Build $2.5 Billion Plant In Georgia
Center Square: Toyota To Invest Nearly $600M To Build Electric Suvs In Kentucky
TechCrunch: VW-Backed Scout Motors To Build $2B Factory In South Carolina
Detroit News: Ford Details $3.5 Billion Electric Vehicle Battery Plant To Be Built In Marshall
My Fox 8 (NC): Toyota Ups Investment For Future Battery Plant At Greensboro-Randolph Megasite To $5.9 Billion
Times Union (NY): GE Hiring 200 For New $50 Million Turbine Line In Schenectady
WXXI News (NY): GM’s $68M Investment In Rochester Looks To An Electric Future
Utility Dive: First Solar Brings US Manufacturing Investment To $4B After Selling Out Of Panels Through 2025
CNBC: Honda’s New $4.4 Billion EV Battery Plant Will Be Built In Ohio
Reuters: GM, Samsung SDI To Invest More Than $3 Bln To Build Joint EV Battery Plant In US
Richmond.Com: ABB Makes $6 Million Investment In Mechanicsville Amid Electric Industry Growth
Electrek: LG Chem Is Going To Build A $3B EV Battery Cathode Factory – The Largest In The US
Wall Street Journal: Redwood Materials To Build Second Battery-Parts Factory In South Carolina
Bloomberg: BMW Battery Supplier Invests $810 Million In South Carolina Plant
KALB (LA): Ucore Invests $75M To Establish Rare Earth Metals Manufacturing Facility In Alexandria
Read More About How Billions In Investments In America—From Companies Around The World—Were Catalyzed By The Inflation Reduction Act:
Bill Mulligan, Maxeon CEO: “‘The Inflation Reduction Act has catalyzed a new chapter in America’s energy transition. Our new solar cell and panel facility in New Mexico is an ambitious and concrete response to the need to decarbonize the US economy while creating permanent, highly skilled local manufacturing and engineering jobs.’” [Electrek, 8/10/23]
Matt Arnold, Unimacts CEO: “We wouldn’t be here without the IRA — full stop.” [Las Vegas Review Journal, 8/7/23]
David Burritt , US Steel Corp. CEO: “‘This is the most amazing thing we’ve seen in the United States for a very long time,’ David Burritt said in an interview with Bloomberg Television. ‘It’s a Manufacturing Renaissance Act.’” [Bloomberg, 7/28/23]
Sriram Das, Co-Chairman of VSK Energy: “‘The passage of the Inflation Reduction Act was a landmark moment for the clean energy future of the United States,’ said Sriram Das, co-chairman of VSK Energy and managing director of Das & Co., in the release. ‘The Biden Administration and Congress have called for immediate action and, through our partnership in VSK, we are taking a decisive step towards achieving solar technology self-sufficiency, fortifying America's energy security, and propelling large-scale solar deployment.’” [Denver Gazette, 6/22/23]
Scott Strazik, GE Vernova CEO: “Credited the Biden Administration and the Inflation Reduction Act for providing the certainty the company sought in building the new assembly line. ‘We applaud the administration for the recent domestic content guidance, which gives us the certainty to move forward on this exciting project and look forward to supporting additional guidance,’ Strazik said.” [Times Union, 5/23/23]
Antonio Carillo, Arcosa's CEO and President: “Next week marks the one-year anniversary of the passage of the Inflation Reduction Act that is providing a significant multi-year catalyst for our industry. Thanks to president Biden's leadership, with the passage of the Inflation Reduction Act, we have received over $1.51 billion in orders for wind towers. This is a great example of how policy has a direct impact on business. One year ago, Arcosa wind towers had no work. We were really struggling. And then in August, the Inflation Reduction Act passes and just a few months later, we received the largest wind tower order we have received in the history of the company. We announced this facility, we invested $60 million and we are creating jobs, we are ramping up production in another two facilities of Arcosa and I think we are just getting started.” [WH Event, 8/9/23]
Scott Keogh, Scout Motors CEO: “Manufacturing in the United States was always a priority, Keogh said, but the 2022 Inflation Reduction Act provided that extra incentive (literally) to commit to the idea of building a factory. ‘We think it’s important to manufacture in America, certainly without a doubt, the Inflation Reduction Act, combined with what the states are doing, make it a smart time to buy versus rent,’ Keogh said.” [Tech Crunch, 3/3/23]
JB Straubel, Chief Executive and Founder Redwood Materials: “The Inflation Reduction Act ‘is bringing a ton of additional cell manufacturing to the U.S.,’ [Redwood Materials Founder] Mr. Straubel said. ‘I’d say this has gently shifted our priorities to really accelerate investment in the U.S. a little bit ahead of looking overseas.’” [Wall Street Journal, 12/14/22]
Francesco Starace, Enel CEO: “The U.S. Inflation Reduction Act is more efficient than European Union aid to support domestic production of energy sector components, the CEO of Europe's biggest utility Enel (ENEI.MI) said in an interview during the Reuters Next conference. ‘There are better ways to doing things than the system in Europe, and the U.S. have a great package not only to change the infrastructure and the energy generation mix but also to help re-shore some critical components.’” [Reuters, 12/1/22]
Tom Einar Jensen, FREYR’s Co-Founder and CEO: “Today’s landmark announcement underscores FREYR’s ambition to develop a very strong and near-term operational footprint in the United States. Expanding into the U.S. has been a foundational aspect of FREYR’s long-term strategy from our inception, and with the recent passage of the Inflation Reduction Act, we expect U.S. demand for ESS, passenger EV and other electric mobility applications to grow rapidly over the next decade.” [Press Release, 11/11/22]
Alexey Ustinov, Vice President of Electrolyzers at Cummins: “This is a reflection of increasing government support through the Inflation Reduction Act, Hydrogen Hubs and a blossoming hydrogen economy in the states. Cummins’ ability to leverage our manufacturing, engineering and sourcing knowledge to build capacity will help us meet increased customer demand and continue to accelerate the clean energy transition.” [KTSP, 10/11/22]
Keith Phillips, President and Chief Executive Officer of Piedmont Lithium: “‘The rapid electrification of the automotive market has led to massive investments in electric vehicle and lithium-ion battery production in the United States, creating a critical need for lithium hydroxide produced in the U.S.,’ said Phillips. ‘Our Tennessee Lithium operation should play an important role in helping to mitigate supply shortages in the American EV industry and battery supply chain, particularly in the wake of recent legislation incentivizing the use of domestically sourced critical materials and providing tax credits for U.S. producers.’” [Press Release, 9/1/22]
Mark Widmar, First Solar CEO: “pointed to the IRA as the key catalyst that made the company decide to build another factory in the U.S. rather than looking elsewhere. The funding packages create, for the first time, a ‘long-term view and understanding of the industry, and policies aligned to that industry,’ he told CNBC. ‘With that level of clarity, we stepped back and evaluated the alternatives or the options of where we could go with our next factory and when we looked at it comprehensively the U.S. was a very attractive option,’ he said. Widmar added that this is the first time the entire supply chain has been incentivized, from the manufacturer to the generating asset and finally to the end customer. ‘With that type of alignment, you can create partnerships and opportunities to grow together collectively and more of a win-win type of structure than maybe we had before the implementation of the IRA,’ he said.” [CNBC, 8/30/22]
Mark Widmar, First Solar CEO: “‘In passing the Inflation Reduction Act of 2022, Congress and the Biden-Harris Administration has entrusted our industry with the responsibility of enabling America’s clean energy future and we must meet the moment in a manner that is both timely and sustainable,’ said Mark Widmar, chief executive officer, First Solar. ‘This investment is an important step towards achieving self-sufficiency in solar technology, which, in turn, supports America’s energy security ambitions, its deployment of solar at scale, and its ability to lead with innovation. We are proud of the fact that our manufacturing presence in the US is expected to directly and indirectly support over 18,000 jobs across the country by 2025, while our manufacturing investment will add an estimated $3.2 billion in value to the US economy, reflecting the impact of solar manufacturing on our country. We are investing in America’s future.’” [Press Release, 8/30/22]
Bahadir Yetkim, Kontrolmatik Technologies CEO: “Amid the strong support and incentives provided by the recently enacted Inflation Reduction Act for the domestic production of batteries, we were motivated and encouraged to revise our initial business plans for the factory and increase our U.S. factory’s capacity to 3 GWh. We have also begun planning for our second U.S. factory as we begin the construction of our first.” [Press Release, 8/16/22]
Xiaofeng Denton Peng, SPI Energy Chairman and CEO: “I am very grateful to see the bill passed, as it will not only lower energy prices and help the country meet its climate goals, but boost U.S. manufacturing and create jobs. All of us at SPI are focused on scaling as fast as possible to provide customers with a more affordable, clean and resilient way to power their homes and lives.” [Solar Power World, 8/24/22]
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