Trevor Higgins, senior vice president for Energy and Environment at the Center for American Progress, testified today 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 a statement emphasizing the significance of these investments.
"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," Higgins stated. "Clean electricity has become the most affordable source of energy there is, and these investments are getting it built."
Higgins highlighted that federal tax credits and rebates are making clean energy accessible to everyone. He projected that household energy costs are on track to decrease by one-third by 2035. He also warned about potential negative consequences if this legislation were repealed.
"A repeal of this legislation would have severe consequences," he said. "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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