VIRGINIA
Climate Wins Here in Virginia
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Virginians won big with the unprecedented climate and clean energy investments approved in the historic Inflation Reduction Act and the Infrastructure Investment and Jobs Act. Over 8 in 10 state residents support climate and clean energy investments like those included in these laws because Virginia is uniquely positioned to seize on the growth opportunities of a transition to a clean energy economy. These new investments will cut climate pollution and accelerate the growth of clean energy - protecting our air, our climate, our health, and our communities while creating economic opportunity.
President Biden and climate leaders in Congress have delivered for Virginians in a big way by boosting clean energy in Virginia, coastal restoration, and climate-smart agriculture and conservation programs, all while helping prevent the most catastrophic impacts of climate change and lowering costs for Virginia families.
Clean Energy
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The Inflation Reduction Act of 2022 will:
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Bring an estimated $11.6 billion of investment in large-scale clean power generation and storage to Virginia by 2030.
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Provide $30 billion in tax credits to accelerate domestic production of solar panels, wind turbines, batteries, and critical minerals processing.
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Create a new $10 billion investment tax credit to build new manufacturing facilities for clean technologies such as electric vehicles, wind turbines, and solar panels.
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Spur domestic production with clean energy tax incentives, which could create up to 1.5 million jobs in 2030 and 9 million jobs over the next decade.
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In 2021, over 90,000 Virginians were employed in a clean energy industry
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A 2020 report found that federal clean energy stimulus investments similar to those considered in the Inflation Reduction Act would add 85,000 clean energy jobs in Virginia over five years
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Offer 10 years of consumer tax credits to make homes more energy efficient, making heat pumps, rooftop solar, electric HVAC, water heaters, and electric appliances more affordable.
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Create a $1 billion grant program to make affordable housing more efficient.
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Lower energy costs for families in Virginia with estimates ranging from $300 to $1,800 in annual savings, according to independent analyses.
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The average household could see between $1,025 in household energy costs including electricity costs, home energy, and transportation by 2030 compared to 2021.
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Over the next five years, the Infrastructure Investment and Jobs Act will:
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Deliver a portion of the $3.5 billion national investment in energy efficiency and weatherization programs to reduce energy costs for American families.
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Since the Infrastructure Investment and Jobs Act was signed into law in November 2021, millions of dollars in clean energy investments have already been announced in Virginia:
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$65 million for Weatherization Assistance Program to reduce energy costs for low-income households and $5.5 million to help prevent outages and make the power grid more resilient.
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Lowering Costs for Rural Communities With Clean Energy
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The Inflation Reduction Act of 2022 invests $14 billion to lower costs for families and support good-paying clean energy jobs in rural communities, including:
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$9.7 billion for loan assistance to help rural electric cooperatives in the transition to cleaner energy, which will dramatically cut climate pollution
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$1 billion for Rural Renewable Energy Loans helping rural communities, farmers, and small business owners invest in renewable energy and be more energy efficient.
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Since November 2021, the Infrastructure Investment and Jobs Act has jumpstarted rural transportation in Virginia, including:
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$1.5 million for the Appalachian Development Highway System.
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$379,400 for rural transportation grants.
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Restoring Habitats, Aiding Farmers & Conserving Our Natural Resources
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The Inflation Reduction Act of 2022 will:
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Provide $2.6 billion in grants to conserve and restore coastal habitats, mitigate climate change, and protect communities.
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Norfolk is expected to see an 8-fold increase in high tide flooding by 2050.
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Invest $20 billion to give farmers the tools to address the climate crisis such as implementing and expanding climate-smart agriculture practices.
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Allocate $1 billion for the National Park Service and Bureau of Land Management public lands conservation.
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$2.2 billion funding for forestry conservation programs including $700 million for the Forest Legacy Program offering significant natural carbon sequestration benefits.
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Over the next five years, the Infrastructure Investment and Jobs Act will:
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Provide millions for resilience programs to make communities safer and infrastructure more resilient to the impacts of climate change including $15 million to protect against wildfires.
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Since the Infrastructure Investment and Jobs Act was signed into law in November 2021, millions of dollars in public health investments have already been announced in Virginia:
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$417 million for infrastructure resilience with $401 million directed towards coastal storm risk management, hurricane, and storm damage reduction projects, and an additional $36 million for Promoting Resilient Operations for Transformative Efficient, and Cost-Saving Transportation (PROTECT) programs to help make surface transportation more resilient to climate change.
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Figures current as of July 2022