FACT CHECK: Inflation Reduction Act Lowers Energy Costs for Families
WASHINGTON, D.C. – Unlike GOP presidential candidates, President Biden’s clean energy plan is lowering energy costs.
FACT: President Biden’s clean energy plan is expected to cut energy costs by as much as 9% and lower gas prices by as much as 13% by 2030.
FACT: According to an analysis from the Rhodium Group, the Inflation Reduction Act will help households save over $1,000 a year on energy costs.
FACT: Investments in wind and solar included in the Inflation Reduction Act lowered the cost of producing each by 55% and 40%, respectively, setting the stage for lower costs for families.
FACT: President Biden’s clean cars standards are expected to save families over $1,000 at the pump, and tax credits make EVs more affordable by reducing the sticker price by up to $7,500, saving you and your family an average of $1,700 a year on fuel and maintenance costs.