The Inflation Reduction Act of 2022 (H.R. 5376) was passed Friday, August 12th by the U.S. House of Representatives, sending the measure to the President for consideration. To date, this legislation is considered to be the most significant climate change legislation in history. The legislation would provide much needed aid to rural communities, including $20 billion for rural farmers and ranchers, aimed at improving soil health, increasing crop yields, reducing fertilizer costs, and increasing resilience to extreme weather.
There are major cost savings for rural America through $10 billion in funding for electric cooperatives to invest in renewable energy. This will make it possible for coops to follow the path taken by Kit Carson Electric Cooperative in rural New Mexico, which now provides customers in their service area with daytime electric energy completely by solar power.
Finally, the bill would provide tools for rural families and small businesses to reduce energy and transportation costs. The average homeowner could save $1,800 each year by taking advantage of the bill’s incentives for efficiency upgrades, electric vehicles and solar. There is also $40 billion for U.S. manufacturing of solar panels, wind turbines, batteries, and critical minerals.