NORTH DAKOTA (KXNET) — The massive climate change and clean energy tax bill has been signed by the President.
The White House says The Inflation Reduction Act will provide consumer incentives to invest in clean and green energy resources, helping to bring down energy costs.
So how will this impact North Dakota directly?
Last week, the Senate passed the democratic package designed to focus on lowering inflation.
It was passed 51-50 after 16 hours of deliberation, and Tuesday, President Biden signed it into law.
“The Inflation Reduction Act is great progress. But it must be only the beginning of efforts to improve our country’s future. There’s more we need to do to create an equitable America where everyone has the opportunity for better health and wellbeing,” said Avenel Joseph, the vice president of policy for RWJF.
The package includes over $300 billion to reduce greenhouse gas emissions and invest in clean energy technology.
North Dakota invests a lot in green energy, and we produce a lot too.
According to the state, North Dakota ranks 5th in the nation for wind-generated electricity.
It also lays out a plan to give up to $14,000 in reimbursements to households for green-energy upgrades like electric water heaters and electric stoves.
“As a country, we need to build on this momentum by coming together to pass policies that will make a huge difference in people’s lives,” said Joseph.
Homeowners can also receive a 30% credit for installing solar panels.
According to the Audobon, if you want solar panels on your roof in North Dakota, you have two options: own the solar panels or rent them from a third-party owner.
If you lease, you’ll pay a monthly fee to use the solar panels and their electricity, and avoid the upfront cost.
Joseph said, “There’s a lot of work left to do. In communities across our country, people are experiencing health and economic struggles every day. Our lawmakers must rise to the challenge and give children and families what they need to be healthy and secure.”
Some experts say the package won’t help inflation dramatically right away, and won’t for the next few years.
Senator Hoeven and Senator Cramer say that they do not support the bill.
In a statement, Senator Cramer said, “This bill is fiscally irresponsible, needlessly bureaucratic, and damaging to every sector of the American economy from energy to agriculture to pharmaceuticals and manufacturing. It’s going to put a dent in every American’s bottom line.”
According to the Wall Street Journal, consumer prices were up over 7% this year in the Upper Midwest, including North Dakota; with one of the worst rates in the country.
The package allows Medicare and Medicaid patients to negotiate prescription drug prices.