The IRA will deliver huge savings
If we maximize its electric potential for our communities and households
The Inflation Reduction Act (IRA) empowers American households to save thousands of dollars on the upfront costs of electric machines (how we power our cars, heat our air and water, cook our food, dry our clothes and get our energy). In turn, those machines will save families save an average of $1,800 per year on their energy bills.
By utilizing the IRA's incentives, Americans will bring billions of dollars in benefits to their communities, saving money at the household level, creating local jobs and fighting the climate crisis with every heat pump installed. Since 42 percent of energy-related emissions come from the machines we rely on daily, our mandate is clear: within ten years, every new machine installed must be electric.
The good news is that the Inflation Reduction Act is designed to help us ramp to that future. It scales with our ambition. Our maps demonstrate this electric potential, for the country and for our communities. Electrification is today’s Victory Garden — it’s up to us to achieve our potential and meet the moment.
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Magoffin County, KYDownload the KY fact sheet
|Annual Benefits in 2025||Annual Benefits in 2032||Cumulative 10-year Benefits|
Full Electric Bank Accounts
All 5,020 households in Magoffin County would be eligible for an average of $3,646 in tax credits and an average of $475 in performance rebates.
|# of Qualifying Households||Avg. Benefits per Household|
Ongoing Annual Savings
|# of Furnaces||Avg. savings if electrified||# of Water Heaters||Avg. savings if electrified|
|Electric Resistance||1,669||$358 / yr||3,669||$291 / yr|
|Fuel Oil||137||$772 / yr||0||$0 / yr|
|Propane||725||$393 / yr||140||$409 / yr|
|Natural Gas||1,357||$385 / yr||1,163||$210 / yr|
Community electric potential is the new economic engine
The Inflation Reduction Act is an electric engine for community economic growth. The money that flows to our communities through the IRA creates a virtuous cycle of localized spending and community benefit. While the primary benefits are new local jobs that cannot be automated or offshored and increased community independence and resilience, the secondary benefits are IRA savings that result in households having much more money in their pockets. Which equates to more purchasing power to support and grow their communities.
The adoption of these electric incentives grows over time, and the community benefit does, too, returning money to our economy, and producing greater economic gain – and federal tax receipts – than IRA program disbursements. It’s win win win community economic policy that improves household finances and health, grows community strength and economic fortitude and helps us meet our climate goals.
For more information about this data, see our methodology page.