A new economic analysis shows that repealing the Inflation Reduction Act (IRA) could cost state economies billions of dollars, cause them to miss out on thousands of jobs, and raise energy costs for consumers.
The IRA, originally passed in 2022, represents the largest investment in clean energy and climate action in American history. The law invests hundreds of billions of dollars in clean energy projects like solar, wind, and battery storage, often in the form of tax credits for consumers, or as grants and loans for the private sector.
According to the study from nonpartisan energy and climate policy think tank Energy Innovation, since its passage, $520 billion has been invested in clean energy projects, and 334,000 new jobs have been announced. If fully repealed, the group says, it could result in 1.3 million fewer jobs by 2035 and increase residential energy costs by $35 billion, or about…
