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AEE celebrates passage of Inflation Reduction Act, a defining moment for clean energy in America

Posted by Cayli Baker on Aug 12, 2022

Inflation Reduction Act will transform the way America powers its homes and businesses while revitalizing domestic industry and making the nation more energy independent 

WASHINGTON, DC, August 12, 2022 – Today, Advanced Energy Economy (AEE), a national trade association of clean energy businesses and large clean energy buyers, celebrated the U.S. House of Representatives’ passage of the Inflation Reduction Act, which could deliver a six-fold return on investment for the country, create millions of jobs, and save American households billions in annual energy costs.

“This era-defining agreement should mark the beginning of the end for fossil fuel dominance in America,” said AEE CEO Nat Kreamer. “Thanks to the Inflation Reduction Act, clean energy technologies will be fully unleashed. Clean energy manufacturers and developers alike will now have the right financial tools and the policy certainty they need to produce and buy the components that power these innovative technologies here in America. That’s going to translate into millions of family-supporting jobs and billions in energy savings for American households.”

According to a new analysis, the dollars in the Inflation Reduction Act, when paired with the funds for advanced energy in last year’s bipartisan Infrastructure Investment and Jobs Act, will deliver:

  • $2.8 trillion in total economic activity to the U.S. economy (a six-fold return on investment)
  • 23 million jobs (measured in "job-years")
  • $60 billion in annual energy savings for consumers

“With $444 billion in advanced energy funding between these two bills, Congress will deliver nearly $3 trillion to the U.S. economy. That’s a smart investment,” continued Kreamer. “Driving more jobs to America and revitalizing America’s manufacturing industry is the way for our nation to achieve a zero-carbon future that also protects our energy security. If America is going to remain a superpower in the 21st century, it needs to be a superpower of clean energy manufacturing. Having served in Afghanistan with the U.S. Special Forces, I’ve seen firsthand the global conflicts that arise over dependence on fossil fuels. Powering our electricity and ground transportation systems with home-grown clean energy will protect our families and our energy systems from global instability. Once the President signs this bill, the advanced energy industry is ready to get to work delivering on that promise.”

Background Materials 

Topics: Federal Policy, Press Releases, Manufacturing and Infrastructure, Nat Kreamer