President Biden signed the Inflation Reduction Act into law on Tuesday – legislation hailed as a “good deal for Georgians,” supported by a majority of the American people, and praised by former Treasury secretaries and more than 120 leading economists. All eight of Georgia’s congressional Republicans voted against the bill, including its provisions to lower energy and health care costs, allow Medicare to negotiate the cost of prescription drugs, and reduce the deficit all without raising taxes a single cent on any Georgian making less than $400,000 a year.
As a result, Georgians will see their utility bills cut, good-paying jobs brought to our state, domestic manufacturing bolstered, and more. Here’s how:
The Inflation Reduction Act’s energy wins for Georgia:
LOWER ENERGY COSTS: The Inflation Reduction Act will make it more affordable for Georgia families to purchase energy efficient appliances when they need to, make repairs around their homes, and save money on their utility bills each month, through:
- Rebates covering 50-100% of the cost of installing new electric appliances, including super-efficient heat pumps, water heaters, clothes dryers, stoves, and ovens. In Georgia, millions of low- and moderate-income households are eligible for rebates.
- Tax credits covering 30% of the costs to install solar panels and battery storage systems, make home improvements that reduce energy leakage, or upgrade heating and cooling equipment. No income limits apply.
- Grants to help state and local governments adopt the latest building energy codes, which would save the average new homeowner in Georgia 15.1% on their utility bills—$327 annually.
GOOD-PAYING JOBS: In 2021, there were already 75,211 Georgia workers employed in clean energy jobs. The Inflation Reduction Act will expand these opportunities, bringing an estimated:
- $180 million of investment in large-scale clean power generation and storage to Georgia between now and 2030. A historic set of tax credits that will create jobs across solar, wind, storage, and other clean energy industries – credits including bonuses for businesses that pay a prevailing wage, so that Georgia workers earn a good paycheck as we build the clean energy future in America.
DOMESTIC MANUFACTURING: Manufacturers employ 394,600 workers in Georgia, and the Inflation Reduction Act will help us make the technologies of the future at home— supporting local economies and strengthening supply chains. The Inflation Reduction Act will:
- Boost U.S. manufacturing of clean energy and transportation technologies, as well as investments for a new Advanced Industrial Facilities Deployment Program to position America to lead the growing global market for clean steel, aluminum, cement, and more.
RURAL OPPORTUNITIES: The Inflation Reduction Act supports climate-smart agriculture practices, which will:
- Help Georgia’s 41,300 farms lead on climate solutions and reward their stewardship. Electric cooperatives, which serve 2.1 million homes, businesses, and other customers in Georgia, will for the first time be eligible for direct-pay clean energy tax credits.
- Dedicate investments for rural electric cooperatives to boost resiliency, reliability, and affordability, including through clean energy and energy efficiency upgrades.
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