Joint research and modeling projections from EI, Princeton’s REPEAT Project, and the Rhodium Group found that IRA implementation had the possibility of a 37-42 percent reduction in U.S. net GHG emissions by 2030 relative to 2005 levels. Recent analysis by Clean Investment Monitor compared the previous projections with the on-the-ground progress of clean energy deployment, finding that in 2023, sales of EVs hit the high end of our post-Inflation Reduction Act (IRA) projects at 9.2 percent of total sales. The study also found that utility-scale clean energy expansion is lagging behind our projections by approximately 14 gigawatts of capacity.

New Energy Innovation analysis finds the Biden Administration’s recent pause on all pending LNG export projects could insulate consumers from massive natural gas cost increases – up to 14 percent higher in added costs per year. In aggregate, approving pending LNG export terminals would increase expenditures on natural gas by U.S. households, businesses, and industry by $11-18 billion per year, with the largest burdens falling on low-income households.

In terms of fill-up savings, the results are clear: every EV model in every state is cheaper to fill than a gas-powered vehicle. Even in the example with the least cost savings, the average electric SUV was still $15 cheaper to fill than a Honda CR-V. Furthermore, average truck fill-up savings were nearly $24, while average sedan savings were nearly $26. The biggest cost savings reside in the Pacific Northwest, where high gas prices and cheap renewable energy lead to significant savings at the charger.

Offshore wind is available across all coastal states and presents opportunities for significant economic, and employment benefits across the country. In order to seize this opportunity, robust national, regional, and state policy is needed over the course of this decade to grow the domestic supply chain, foster community engagement, and build supporting infrastructure.

Industrial processes—such as steel, cement, and chemical production—are projected to be the United States’ largest source of emissions by 2030. Thermal batteries have the potential to cut industrial greenhouse gas emissions while lowering the cost of electricity for industrial heating by 50-63 percent, making it cost-competitive with natural gas equipment.

This modeling compares projected emissions reductions from the Inflation Reduction Act in the U.S. Energy Information Administration's Annual Energy Outlook to Energy Innovation modeling, as well as other independent modeled outcomes.

New analysis finds 99 percent of existing U.S. coal plants are more expensive to run than replacement by local wind, solar, and energy storage resources. Transitioning to clean energy resources would save enough to finance nearly 150 gigawatts of four-hour battery storage, and would generate $589 billion in new investment across the U.S.

Updated EPS modeling shows the Inflation Reduction Act's climate and clean energy provisions could cut greenhouse gas emissions 37 to 43 percent below 2005 levels, prevent up to 4,500 premature deaths from air pollution in 2030, and create up to 1.3 million jobs in 2030. Further, for every ton of emissions generated by IRA oil and gas provisions, at least 28 tons of emissions are avoided by the other provisions. This updated research note models final IRA provisions and improves on the previous note's methodologies and assumptions.

Energy Policy Simulator modeling of the Inflation Reduction Act show it could be the most significant climate legislation in U.S. history. Its provisions could reduce U.S. emissions 37 percent to 41 percent below 2005 levels by 2030, and avoids at least 23 tons of emissions for every ton of emissions added by oil and gas provisions.

New EPS modeling finds climate provisions under consideration in Congress would significantly lessen U.S. dependence on foreign oil and gas. By 2027, total reductions would be larger than U.S. demand for Russian oil in 2021, with about half the reduction achieved by 2025. Similarly, U.S natural gas consumption would be reduced 4.7 trillion cubic feet per year by 2030, or roughly equal to 85 percent of the EU’s 5.5 trillion cubic feet of imported Russian natural gas in 2021.