Senator Baldwin Celebrates One Year of the Inflation Reduction Act Delivering Lower Costs to Wisconsin Families

Cutting Cost of Health Care and Prescription Drugs–The IRA lowers the cost of health care and prescription drugs by giving Medicare the power to negotiate lower prescription drug prices, capping the out-of-pocket cost of insulin at $35 per month for seniors on Medicare, and requiring all vaccines covered under Medicare Part D to be completely free. Had the insulin caps been in place in 2020, nearly 32,000 people in Wisconsin would have saved roughly $630 per year in lower out-of-pocket costs. The legislation also extended enhanced subsidies for the over 220,000 Wisconsinites with Marketplace health care coverage through 2025, providing an average saving of nearly $500 annually.

Boosting Made in Wisconsin Manufacturing – Manufacturers employ more than 450,000 workers in Wisconsin, and the IRA will help us make the technologies that will power the green energy economy at home— supporting local economies and strengthening supply chains. Through Buy America requirements championed by Senator Baldwin, the IRA will boost U.S. manufacturing in clean energy and transportation technologies.

Creating Good-Paying Jobs – In the last year, the IRA has spurred $445 million in funding for clean energy projects in Wisconsin that will create at least 500 jobs. Wisconsin is eligible for at least $3 million in planning grants funded by the IRA that support local efforts to reduce climate pollution. The IRA will bring an estimated total of $4 billion of investment in large-scale clean power generation and storage to Wisconsin by 2030, supporting the already 70,000 workers employed in the clean energy economy. The IRA provides a historic set of tax credits that will create jobs across solar, wind, storage, and other clean energy industries with bonuses for businesses that pay a prevailing wage.

Lowering Energy Costs – TheIRA willmake itmore affordablefor Wisconsin families to purchase energy efficient appliances when they need to, make repairs around their homes, and save money on their utility bills each month, including rebates of 50 to 100% of the cost of installing new electric appliances, including super-efficient heat pumps, water heaters, clothes dryers, stoves, and ovens. In Wisconsin, millions of low- and moderate-income households are eligible for rebates.

Wisconsin homeowners and community solar projects can also take advantage of tax credits covering 30% of the costs to install solar panels to cut their energy costs. The IRA also makes it easier and cheaper to purchase an electric vehicle, with up front discounts up to$7,500 fornew EVsand $4,000 forused EVs, saving Americans on fuel costs.

Supporting Wisconsin Agriculture– The IRA is investing an additional $19.5 billion in oversubscribed climate-smart agriculture programs, which will help Wisconsin’s over 60,000 farms utilize popular climate solutions, improve efficiencies, and reward good stewardship of Wisconsin farmland.

Support Great Lakes Resiliency—The IRA includes funding through the National Oceanic and Atmospheric Administration (NOAA) to help ensure coastal and Tribal communities have the resources and support needed to prepare, adapt, and build resilience to weather and climate events as well as strengthen workforce development, conservation, and regional partnerships.Senator Baldwin has been calling on NOAA to prioritize investments from the Inflation Reduction Act funding in programs that support Great Lakes resiliency.

And online version of this release is available here.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. It has not been verified for its accuracy or completeness.