Washington, D.C. — Today, Trevor Higgins, senior vice president for Energy and Environment at the Center for American Progress, testified on the impact of the clean energy investments of the Inflation Reduction Act (IRA) during a hearing of the House Energy and Commerce Committee’s Energy, Climate, and Grid Security Subcommittee. Following the hearing, Higgins issued the following statement:
The Inflation Reduction Act is truly living up to its name. Overall, inflation has slowed by two-thirds since the law took effect, and the latest numbers put the annual inflation rate at 2.5 percent, the lowest in three years. Clean electricity has become the most affordable source of energy there is, and these investments are getting it built.
Federal tax credits and rebates are making clean energy affordable for everyone. Household energy costs are now on course to drop by one-third in 2035. A repeal of this legislation would have severe consequences. And Project 2025’s plans for climate and energy would cause 750,000 direct job losses in 2030, raise electricity prices, and prolong gasoline dependence. Even worse, they would halt the progress to stop rising global temperatures.
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