In 2022, it was estimated that the Inflation Reduction Act (IRA) would spend some 400 billion U.S. dollars on energy and climate-related provisions through Fiscal Year 2031. Roughly 70 percent of these costs would be through tax credits, including 163 billion U.S. dollars for energy and electricity. Based on updated estimates, the cost of IRA energy and climate-related spending is projected to be 64 percent higher than originally scored. Tax credits for energy and electricity are now projected to cost 233 billion U.S. dollars, an increase of 43 percent from previous estimates.
Estimated cost of Inflation Reduction Act (IRA) energy and climate-related spending and tax credits in the United States from 2022 through 2031, by segment
(in billion U.S. dollars)
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CRFB. (July 6, 2023). Estimated cost of Inflation Reduction Act (IRA) energy and climate-related spending and tax credits in the United States from 2022 through 2031, by segment (in billion U.S. dollars) [Graph]. In Statista. Retrieved November 22, 2024, from https://www.statista.com/statistics/1418048/us-inflation-reduction-act-climate-and-energy-spending-by-segment/
CRFB. "Estimated cost of Inflation Reduction Act (IRA) energy and climate-related spending and tax credits in the United States from 2022 through 2031, by segment (in billion U.S. dollars)." Chart. July 6, 2023. Statista. Accessed November 22, 2024. https://www.statista.com/statistics/1418048/us-inflation-reduction-act-climate-and-energy-spending-by-segment/
CRFB. (2023). Estimated cost of Inflation Reduction Act (IRA) energy and climate-related spending and tax credits in the United States from 2022 through 2031, by segment (in billion U.S. dollars). Statista. Statista Inc.. Accessed: November 22, 2024. https://www.statista.com/statistics/1418048/us-inflation-reduction-act-climate-and-energy-spending-by-segment/
CRFB. "Estimated Cost of Inflation Reduction Act (Ira) Energy and Climate-related Spending and Tax Credits in The United States from 2022 through 2031, by Segment (in Billion U.S. Dollars)." Statista, Statista Inc., 6 Jul 2023, https://www.statista.com/statistics/1418048/us-inflation-reduction-act-climate-and-energy-spending-by-segment/
CRFB, Estimated cost of Inflation Reduction Act (IRA) energy and climate-related spending and tax credits in the United States from 2022 through 2031, by segment (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1418048/us-inflation-reduction-act-climate-and-energy-spending-by-segment/ (last visited November 22, 2024)
Estimated cost of Inflation Reduction Act (IRA) energy and climate-related spending and tax credits in the United States from 2022 through 2031, by segment (in billion U.S. dollars) [Graph], CRFB, July 6, 2023. [Online]. Available: https://www.statista.com/statistics/1418048/us-inflation-reduction-act-climate-and-energy-spending-by-segment/
