The economic tides just turned for states

Read the full story from RMI.

States across the country have a massive new opportunity to boost their local economy through the Inflation Reduction Act (IRA) — and now, for the first time, that opportunity is quantified. Thanks to historic investment in clean energy technologies, low-carbon alternatives for energy, transportation, appliances, and manufacturing are cheaper than ever, sometimes already undercutting their fossil fuel counterparts.

States can capitalize on this opportunity and support the use of new tax credits and rebates that will allow individuals and businesses to buy new electric vehicles, heat pumps, renewables, energy efficient equipment, and more while saving money. More than that, it’s creating thousands of clean technology and energy jobs in the United States right now, reinvesting in parts of the country where manufacturing once thrived, and stimulating what could be a global climate and clean energy “race to the top.”

Our first-of-its-kind analysis shows the potential benefits of the Inflation Reduction Act state by state. Most of the financial incentives that will be used from the IRA will be in the form of tax credits, which means keeping billions of new investment dollars in-state and lowering the federal tax burden of residents across states. Taking full advantage of the IRA can also lead to a flood of private sector funding as industries and clean energy developers look to build new projects.

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