The Inflation Reduction Act is a legacy-defining accomplishment -Colorado communities benefit
[DENVER, CO] – As President Joe Biden signed the Inflation Reduction Act into law, Elise Jones, Executive Director of the Southwest Energy Efficiency Project (SWEEP), issued the following statement to celebrate the many new opportunities states, local governments, businesses, and residents across the region will have to save money and reduce pollution.
“This is a historic day for America and the Southwest. The Inflation Reduction Act – the largest investment our nation has ever made in energy efficiency and climate action – is now law. This is a legacy-defining accomplishment that will deliver huge benefits for our region for decades to come.
The effects of this law will be transformative. It will:
Grow our economy and create new jobs in clean energy and manufacturing, including electric vehicles (EVs) and batteries;
Help make our homes more comfortable and reduce energy bills by helping homeowners make energy-saving upgrades and install efficient, electric appliances such as heat pumps;
Help industry shift to less-polluting, more efficient technologies and fuels, including in aviation;
Provide job training to prepare contractors to meet the increased demand for energy efficiency projects the law will generate; and
Help improve equity by funding projects within or benefiting disadvantaged communities – cleaning up legacy pollution, increasing access to clean energy, improving home comfort and efficiency, and creating jobs.
Altogether, Advanced Energy Economy estimates that this law, combined with last year’s Bipartisan Infrastructure Law, will generate $2.8 trillion in new economic activity and 23 million new jobs (measured in job-years) across the country. Further, the laws will save consumers on the order of $60 billion (or about $180 per person) each year on electricity and transportation by helping them use less energy, switch to EVs, replace old furnaces and hot water heaters with efficient electric heat pumps, increase access to transit, and produce their own power.
The Inflation Reduction Act – together with last year’s Bipartisan Infrastructure Law – represents a huge opportunity for states and local governments to help residents live better lives while paying less for electricity and transportation. Further, these investments can help us secure a healthier, brighter future by significantly reducing the pollution that causes climate change.
Thank you to the many Southwest leaders who helped make this moment possible, including Senators Hickenlooper, Bennett, Heinrich, Luján, Cortez Masto, Rosen, Kelley, and Sinema; and all of the U.S. House members who voted for the bill. Thank you also to President Biden and his administration for helping to steer the bill through turbulent waters this past year in Congress. Southwesterners are grateful for your service.
Now it’s time to implement the bill. It’s going to take all of us to maximize the benefits and ensure that all of us can participate in building a better future for our region and our world. Let’s get to work!”
The Southwest Energy Efficiency Project (SWEEP) is a public interest organization promoting greater energy efficiency and clean transportation in Arizona, Colorado, Nevada, New Mexico, Utah, and Wyoming. swenergy.org