In Florida and across the country, we are facing a four-pronged challenge related to energy — high costs, how and if we can capitalize on the clean energy economy, climate change, and our nation’s energy security.
The Inflation Reduction Act of 2022 — the bill recently passed by Congress and signed by President Biden — is the most significant and impactful step our country has taken to address these challenges head-on. It will not only drive down costs, but also makes critical investments in jobs and our energy security for the future.
As a native Floridian, who is in the market to be a first-time homeowner, I worry about the cost of homeowners insurance at the hands of the inevitable sea-level rise and climate change. Any chance to alleviate costs reduces that burden.
The new law has already generated significant job-creating clean-energy investments across the country. For example, the largest American solar panel manufacturer announced it will invest $1.2 billion to increase its domestic production capacity by about 75%. Honda and LG also announced a deal to build a $4.4 billion electric vehicle (EV) battery plant in the US. Tesla’s battery supplier is also in discussions to build a $4 billion EV production factory. These investments are just the tip of the iceberg.
Investments like these will grow good-paying jobs, allow America to fully capitalize on the clean energy economy, and address the climate crisis. About 158,467 Florida workers are employed in clean energy jobs. The law will expand these opportunities, bringing an estimated $62.7 billion of investment in large-scale clean power generation and storage to Florida between now and 2030. With the law’s incentives for businesses to pay a prevailing wage, it’s not just about the number of jobs — it will create good-paying jobs that allow Florida workers to earn a family-sustaining paycheck.