More than 270 new clean energy projects have been announced since the passage of the Inflation Reduction Act , with private investments totaling $132 billion, according to the report. These investments are expected to be accompanied by more than 86,000 jobs, including 50,000 jobs related to electric vehicles. The Inflation Reduction Act “is not only working to strengthen supply chains but also to boost domestic manufacturing and create new jobs,” Bank of America said in the report.
The bill contained many tax incentives meant to bring down the cost of electricity with more renewables, and spur more consumers to switch to clean electricity to power their homes and vehicles. Close to half of private investment went to EVs and battery production, while the rest went to renewable energy like solar, wind and nuclear projects, grid investments, and other projects, according to Bank of America.