Economy-wide Impacts of the Inflation Reduction Act Energy Provisions
Analysis finds energy tax credits will drive $1.9 trillion in growth, creating 13.7 million jobs and delivering 4x return on investment
A new independent study reveals that the Inflation Reduction Act (IRA)’s energy tax credits will deliver substantial economic benefits for the United States, notably delivering a 4x return on investment that grows the economy by $1.9 trillion over the next ten years.
The report—commissioned by ACP and produced by ICF—reveals the law’s sweeping impact over the next decade across energy, transportation, buildings, and manufacturing. The benefits extend across the energy sector, positively impacting renewable resources, oil, gas, hydrogen, nuclear energy, and battery storage systems. When considering the economic and emissions benefits, the tax credits and programs deliver a 4x return, creating 13.7 million jobs, adding $846 billion to household incomes, and growing the economy by $1.9 trillion.
ACP is joined by five organizations endorsing the findings of the report: the U.S. Chamber of Commerce, the Edison Electric Institute (EEI), the National Electrical Manufacturers Association (NEMA), the National Hydropower Association (NHA), and the Nuclear Energy Institute (NEI).
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- Find state-by-state breakdowns of the law’s impacts on jobs, economy, and more
