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.

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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.



Find out your community’s electric potential. Download now!


Average potential household benefits from the Inflation Reduction Act.
IRA Household Benefits
$2,000
$12,000+

Maine

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Household Benefits
The average American household will receive $10,600 in IRA benefits to fully electrify.
Household Savings
Households will save on average $1,800 per year.
Number of Households
120M households across the country can benefit from these provisions.
Number of Jobs created
1.4M direct and 5M total jobs can be created in the US.

Benefits

IRA community benefits

Electric Potential

The IRA scales with a community’s ambition and how well its households are using their electric bank accounts. If Maine successfully ramps up to 100% electric adoption by the end of the IRA, $4B in residential electrification benefits will have been invested across every community, generating 7,198 direct and 25,052 total new jobs in Maine.
Annual Benefits in 2025Annual Benefits in 2032Cumulative 10-year Benefits
Upfront Discounts$58.7M$618.1M$2.1B
Tax Credits$60.7M$640.0M$2.2B
Performance Rebates$861K$9.1M$30.7M
IRA household benefits

Full Electric Bank Accounts

The IRA provides money for households at every income level, ranging from upfront discounts for low- and moderate-income households to tax credits for high-income ones. The 246K low- and moderate-income (LMI) households in Maine would be eligible for an average of $12,720 in upfront discounts through the IRA.

All 560K households in Maine would be eligible for an average of $5,793 in tax credits and an average of $82 in performance rebates.
# of Qualifying HouseholdsAvg. Benefits per Household
Upfront Discounts246K$12,720
Tax Credits560K$5,793
Performance Rebates560K$82
annual savings

Ongoing Annual Savings

Electrifying space and water heating would reduce energy bills for 559 thousand households in Maine across every county and fuel type, saving $1,071 per year on average.
# of FurnacesAvg. savings if electrified# of Water HeatersAvg. savings if electrified
Electric Resistance34,597$295 / yr168K$368 / yr
Fuel Oil344K$1,079 / yr138K$309 / yr
Propane60,299$792 / yr34,602$412 / yr
Natural Gas42,107$334 / yr216K$167 / yr
IRA Benefits

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.

Methodology

For more information about this data, see our methodology page.