The Environmental Protection Agency's highly anticipated, comprehensive economic analysis of the American Power Act shows that the bill will decrease Americans' energy bills and protect those most affected by energy prices.
The American Power Act's co-authors, Senators John Kerry, D-Mass., and Joe Lieberman, I-Conn., lauded the release of the report as an important step toward moving their comprehensive climate and clean energy legislation through the Senate this year.
Unveiled just in time for President Obama's Oval Office address the EPA study corroborates the findings of the non-partisan ClimateWorks Foundation, which indicated that the American Power Act will create 540,000 jobs per year while providing an average of $71 in savings on families' utility bills. The ClimateWorks study, also released today, identified no negative change in the U.S. Gross Domestic Product (GDP) through 2030 and a 45 percent emissions cut by 2030.
The EPA's analysis shows that the American Power Act:
- decreases energy bills for households through 2030 and minimal impact on households' overall costs through 2050;
- offers significant changes from previous legislation, including more robust and effective cost containment;
- keeps allowance prices low: $16 in 2013 and $20 in 2020;
- keeps overall household costs to a minimum for the life of the bill: about $80-150 per year; and
- ensures those families most affected by energy prices are protected.