The 2022 Inflation Reduction Act (IRA) passed by the United States Congress seeks to increase domestic energy production, increase funding of clean energy technologies, and decrease emissions. The various policies and tax credits included in the IRA can have an impact on energy prices in the United States. For example, home energy costs could potentially fall by 30 to 134 dollars per household depending on the emissions reduction scenario.
Potential impact of the Inflation Reduction Act on energy prices in the United States in 2030 compared to 2021 prices, by emissions scenario
(in U.S. dollars)
According to the source, the low, central, and high emissions scenarios are based on varying assumptions of future fossil fuel prices, economic growth, and clean energy technology costs.
The low emissions scenario assumes high oil and gas prices, baseline economic conditions, and low prices for clean energy technologies.
The central emissions scenario assumes central energy market prices, baseline economic growth, and central clean energy technology costs.
The high emissions scenario assumes low oil and gas prices, high economic growth, and expensive clean energy technologies.
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Rhodium Group. (July 28, 2022). Potential impact of the Inflation Reduction Act on energy prices in the United States in 2030 compared to 2021 prices, by emissions scenario (in U.S. dollars) [Graph]. In Statista. Retrieved September 19, 2024, from https://www.statista.com/statistics/1327253/us-inflation-reduction-act-energy-price-impact/
Rhodium Group. "Potential impact of the Inflation Reduction Act on energy prices in the United States in 2030 compared to 2021 prices, by emissions scenario (in U.S. dollars)." Chart. July 28, 2022. Statista. Accessed September 19, 2024. https://www.statista.com/statistics/1327253/us-inflation-reduction-act-energy-price-impact/
Rhodium Group. (2022). Potential impact of the Inflation Reduction Act on energy prices in the United States in 2030 compared to 2021 prices, by emissions scenario (in U.S. dollars). Statista. Statista Inc.. Accessed: September 19, 2024. https://www.statista.com/statistics/1327253/us-inflation-reduction-act-energy-price-impact/
Rhodium Group. "Potential Impact of The Inflation Reduction Act on Energy Prices in The United States in 2030 Compared to 2021 Prices, by Emissions Scenario (in U.S. Dollars)." Statista, Statista Inc., 28 Jul 2022, https://www.statista.com/statistics/1327253/us-inflation-reduction-act-energy-price-impact/
Rhodium Group, Potential impact of the Inflation Reduction Act on energy prices in the United States in 2030 compared to 2021 prices, by emissions scenario (in U.S. dollars) Statista, https://www.statista.com/statistics/1327253/us-inflation-reduction-act-energy-price-impact/ (last visited September 19, 2024)
Potential impact of the Inflation Reduction Act on energy prices in the United States in 2030 compared to 2021 prices, by emissions scenario (in U.S. dollars) [Graph], Rhodium Group, July 28, 2022. [Online]. Available: https://www.statista.com/statistics/1327253/us-inflation-reduction-act-energy-price-impact/
