WASHINGTON, D.C.—Today, on the one-year anniversary of the Inflation Reduction Act, the U.S. Department of Energy (DOE)’s Office of Policy published a new report, “Investing in American Energy: Significant Impacts of the Inflation Reduction Act and Bipartisan Infrastructure Law on the U.S. Energy Economy and Emissions Reductions,” which demonstrates how these two pieces of historic legislation are projected to rapidly reduce emissions, bolster our national security, and save American households and businesses billions of dollars on energy bills by 2030. Also today, DOE is releasing county-level data on energy employment in the U.S., finding that energy jobs grew in nearly every county in 2022.
The report shows that the President’s Investing in America agenda, a key pillar of Bidenomics, will help families save $38 billion on their electricity bills, increase clean electricity to up to 80% of total generation, and help electric vehicle sales reach up to 65% in the U.S. — showing that the nation is positioned to reach the President’s ambitious climate and clean energy goals.
“There’s no denying that President Biden’s Investing in America agenda is having tangible impacts across the nation, creating jobs and delivering tremendous cost savings to American families,” said U.S. Secretary of Energy Jennifer M. Granholm. “DOE’s new analysis proves that these transformative investments will help ensure America’s energy economy and energy security remain strong for years to come.”
A key pillar of Bidenomics, the President’s Investing in America agenda is contributing to economy-wide reductions in greenhouse gas emissions, driven by expansions in clean electricity generation, electrification, and improved energy efficiency. Key insights from the report include how the Inflation Reduction Act and the Bipartisan Infrastructure Act are poised to:
- Save American families billions of dollars on energy bills, including between $27 billion and $38 billion savings on their electricity bills from 2022–2030 relative to a scenario without the legislation.
- Strengthen U.S. energy security by reducing net crude oil imports 44%–59% between 2022 and 2030, relative to a 35% decline in a scenario without the legislation.
- Make significant progress toward climate targets by reducing net U.S. greenhouse gas emissions to 35%–41% below 2005 levels in 2030.
- Nearly double the share of clean electricity generation, from 42% in 2022 to 72%–81% in 2030.
- Accelerate the electrification of the American vehicle fleet, with share of zero-emission light-duty vehicles (LDV) sales reaching 49%–65% in 2030.
Thanks to the policies set forth through President Biden’s Investing in America agenda, the U.S. is set to achieve significant emissions reductions through 2030 and beyond by boosting private and public investments in building out clean energy pathways.
The Inflation Reduction Act—which is the largest investment in climate action in history— and the Bipartisan Infrastructure Law are helping the U.S. make significant headway toward economy-wide decarbonization while lowering energy bills and securing the American industrial base.
READ the full report: The “Investing in American Energy: Significant Impacts of the Inflation Reduction Act and Bipartisan Infrastructure Law on the U.S. Energy Economy and Emissions Reductions”