BURLINGTON, VT – U.S. Senator Peter Welch (D-Vt.) celebrated the two-year anniversary of the Inflation Reduction Act ahead of Friday’s anniversary of the landmark jobs and climate bill. The bill, which includes many policies and provisions championed by Senator Welch when he served as a member of the House, has invested millions in communities nationwide, created jobs, lowered energy and health care costs, and supported rural communities: 

“The Inflation Reduction Act has been a win-win-win for Vermont’s seniors, families and famers. It has created jobs, it has slashed energy and health care costs, and it has helped us deliver on our promises made to the next generation of Vermonters. Thanks to this bill, we are making investments in communities large and small,” said Sen. Welch. “I look forward to working with my colleagues and the Biden-Harris Administration to ensure rural communities, like ours in Vermont, continue to see the benefits of the Inflation Reduction Act, and will keep working to implement this bill quickly. When it comes to our economy and our climate, we need to act now.”

Senator Welch outlined ways the Inflation Reduction Act continues to support Vermont two years after the bill was signed: 

The Inflation Reduction Act Supports Jobs and Strengthens our Economy:  

Two years later, the Inflation Reduction Act has provided investments in jobs, workforce training and rural infrastructure for Vermont, including:

• Creating and supporting green jobs across Vermont and across America.
• $44 million to Vermont for rural transportation, including funding for rural roads, bridges and transit. 
• $8.7 million in relief for farmers so they can keep farming and feeding Vermont and America. 
• The implementation of the online, Direct File program, which now lets Americans file their taxes for free. 

The Inflation Reduction Act Cuts Energy Costs and Helps Achieve our Climate Goals:  

Two years later, families are cutting their energy bills and making lasting energy upgrades to their homes. The Inflation Reduction Act is supporting the transition to clean energy in our homes, farms, and communities with new projects and investments, including: 

• $58.6 million in home energy rebates to help Vermonters cut their energy costs by weatherizing their homes and replacing inefficient appliances with newer models, a program championed by Senator Welch and included in the IRA through his advocacy. Nearly 700,000 homes have used utilized home energy efficiency upgrades like new insulation or air sealing to cut emissions and energy costs – a key component of Sen. Welch’s bipartisan HOPE for HOMES Act. 
• 5 million Americans have saved an average of over $500 per year on their home energy bills with the assistance of the Low Income Home Energy Assistance Program (LIHEAP) program, another program championed by Senator Welch. 
• More than 750,000 families across America have utilized the IRA’s tax credits for solar electricity. 
• More than 100,000 households have installed heat pump water heaters. 
• Senator Welch’s Electric CARS Act, bicameral legislation to extend the electric vehicle tax credit for 10 years, was included in the Inflation Reduction Act. Drivers who buy clean vehicles can get a tax credit of up to $7,500 for a new vehicle and up to $4,000 for a used vehicle available immediately at the point of sale. As of June, more than 150,000 vehicle sales have used the discount. 
• More than 300,000 new clean energy jobs have been created across the country. 

The Inflation Reduction Act lowers the cost of health care and prescription drugs: 

Two years later, the Inflation Reduction Act is lowering the cost of health care and prescription drugs for Vermonters, and making Big Pharma pay their fair share. This landmark bill is delivering with provisions that support the health of Vermont, including: 

• Medicare now has the authority to negotiate the prices of for up to 60 prescription drugs covered under Medicare Part D and Part B, and has negotiated the price of the first 10 drugs. The Inflation Reduction Act includes policy proposals crafted by Senator Welch to end the ban on Medicare negotiating lower drug prices for seniors. 
• The Inflation Reduction Act capped the price of insulin at $35 for Medicare beneficiaries. After the cap went into effect, the top three producers of insulin reduced the price of insulin for all Americans who need it. 
• Seniors on Medicare and adults with Medicaid coverage can get their recommended vaccines free of charge, thanks to expanded health care provisions included in the Inflation Reduction Act.  
• 163,000+ seniors and other Medicare beneficiaries in Vermont will save money on prescription drug costs because of the Administration’s $2,000 yearly cap on out-of-pocket prescription drug costs, a $35 monthly cap per insulin prescription, free vaccines, and inflation rebates. 
• 30,000 individuals in Vermont signed up for health insurance through the Affordable Care Act (ACA) marketplaces during the Open Enrollment Period for 2024, and will save about $800/year from lower health care premiums. The Biden-Harris Administration’s policies, including the IRA, have prioritized enhancing the ACA tax credit to make health care more affordable for Vermonters and all Americans.  

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