Happy second birthday to the Inflation Reduction Act! The signature climate legislation is walking, talking, and being brutally mean to you, meaning it’s right on track. It’s also turning into a mighty economic vehicle that bolsters renewable energy and lifts up families and frontline communiites.

Since first being passed almost two years ago, the Inflation Reduction Act has ushered in changes across the country. Low-income communities nationwide have submitted over 46,000 applications for wind and solar projects that’ll generate over 8 gigawatts of renewable energy upon completion — almost 8 times more energy than it takes to send a DeLorean back in time. 

Reviving U.S. Manufacturing with the IRA

Long shuttered manufacturing plants are humming from coast to coast, spurned on by massive investments in renewable energy and a belief in our shared renewable future.

Since the IRA was passed, the U.S. has seen a surge in investments in renewable energy and electric vehicle manufacturing. For example, over $312 billion has been invested in electric vehicle manufacturing alone. In South Carolina, an IRA funded electric vehicle plant is creating a future with fewer gas-burning cars and family-sustaining jobs. 

The IRA has significantly boosted Arizona’s economy by attracting over $10.8 billion in investments and creating more than 11,000 jobs in the clean energy sector, particularly in battery manufacturing. Companies like LG Energy Solution and Kore Power are establishing major facilities in the state, positioning Arizona as a key player in the battery production industry.

The IRA has led to the creation of approximately 7,600 jobs in Georgia’s solar panel manufacturing sector, including significant expansions like Qcells’ facility in Dalton. In total, the IRA is projected to generate nearly 39,000 clean energy jobs in Georgia, driving billions of dollars in economic growth.

Helping Communities Go Green

Atop a repurposed Kentucky coal mine, a solar farm powers homes once run by fossil fuels. This not only helped the environment but also brought new jobs to areas that had been struggling. People who had lost their jobs when the coal mine closed found new opportunities in the growing renewable energy industry.

New England towns and villages are using IRA resources to implement climate action plans. For instance, the New England Heat Pump Accelerator, supported by a $450 million grant, is set to enhance energy efficiency in over 500,000 homes across the region by installing heat pumps. This initiative aims to reduce energy costs, improve air quality, and create jobs.

This is electrifying (pun intended) progress—and it’s just the start!

The Economic and Environmental Promise of the Inflation Reduction Act

The IRA is not only boosting the economy by creating jobs but also helping to ensure that these jobs are in industries that will lead the way toward a cleaner, greener future. Fully implemented and utilized, the Inflation Reduction Act could generate up to $2.5 trillion in U.S. benefits, create hundreds of thousands of jobs, and lower home, health, and energy costs for every American.

So happy birthday to the Inflation Reduction Act (IRA)! We can’t wait to see what you’ve become by your third, fifth, and fifteenth birthdays.