By Jenn Whitcomb, For Our Future Florida
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 is the most significant step our country has taken to address these challenges. It not only will 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 because of 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 U.S. 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.
Investments spurred by the Inflation Reduction Act will also improve our energy security by reducing our reliance on foreign competitors and adversaries like China, which dominates in clean-energy manufacturing.
We will be on the forefront of this effort right here in Florida. Manufacturers in our state employ 388,200 people, and the law will significantly expand and strengthen our capacity for manufacturing of clean energy and transportation technologies.
Coupled with these historic steps on jobs and energy security are the law’s incentives that will drive down energy and utility costs. For example, it provides rebates for appliances and to make repairs and improvements to increase energy efficiency.
In Florida, millions of low- and middle-income households are eligible. Tax credits to install solar and battery storage systems are also available. In Florida, an estimated 1.1 million households will install rooftop solar as a result. And among other provisions, grants for state and local governments to come in compliance with building energy codes could save the average new homeowner in Florida 11.7% on utility bills.
Not a single Republican voted in favor of the Inflation Reduction Act. Sens. Marco Rubio and Rick Scott were helping to lead the charge in opposition. They voted against lowering costs for working families, creating good-paying jobs, and enhancing our energy security. It’s that simple.
When they disingenuously claim opposition because of cost, it is important to understand that the entire law will be paid for by requiring big corporations to pay their fair share of taxes — and the law will not result in tax increases for families making under $400,000 per year.
Fortunately, the leadership of President Joe Biden and Democrats in Congress, including member of the Democratic congressional delegation in Florida, beat back this opposition from Republicans and special interests, and delivered on the promise to make government work for working people.
The Inflation Reduction Act is a historic example of what we can achieve when we elect pro-worker leaders committed to improving the lives of everyday people.
Jenn Whitcomb is the State Director of For Our Future Florida, where she manages one of the largest voter turnout and issue advocacy operations in the state.
This piece was first published in the Orlando Sentinel, which is part of The Invading Sea media collaborative.
