California celebrates two years of the Inflation Reduction Act – a win for jobs, climate and infrastructure
Beyond supporting record climate investments for California, the IRA has significantly reduced inflation. In August 2022, when the IRA was signed into law, inflation was 8.4%. As of yesterday, inflation in the U.S. is now below 3%.
Here’s how California has benefited from the Inflation Reduction Act:
• Over $1.6 billion in tax breaks to boost energy efficiency in homes in 2023 alone
• Nearly $600 million to provide clean and efficient energy upgrades to low and moderate income households.
• Over $500 million from the US EPA to reinforce California’s fight against the climate crisis and to eliminate greenhouse gas emissions and other harmful air pollution
• Up to $450 million for the state’s green banks to deliver accessible financing to clean energy projects throughout California, mobilize private capital, and deploy key climate solutions in low-income and disadvantaged communities
• Over $249 million from the US Environmental Protection Agency for low-income solar programs
• Nearly $200 million from the US Environmental Protection Agency for environmental and climate justice efforts to increase underserved community capacity and resilience
• Over $168 million to add 2,600 electric vehicle charging stations in rural and disadvantaged areas across the state, and over $63 million to upgrade existing EV charging infrastructure
• $103 million from the USDA for maintaining urban trees, forests, and green spaces
• Over $92 million from the USDA to support agricultural producers and rural small businesses in implementing renewable energy systems or to make energy efficiency improvements
• Over $88 million to help California school districts purchase clean school buses
• $70 million available to help California accelerate restoration of the Salton Sea
• Nearly $60 million from the USDA to invest in on-the-ground conservation activities implemented by farmers, ranchers and forest landowners
• $21 million from the US DOI and US DOE to bolster tribal climate resilience and home electrification
• Up to $24,500 for Californians to purchase a Zero Emission Vehicle, in combination with state investments
• 14,000 jobs created through investments in Caltrain and California’s High Speed Rail
• Tax credits for small business owners for energy efficient upgrades
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