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