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Climate Politics

Big Utilities See Inflation Reduction Act Helping Reduce Customers’ Energy Bills

  • Duke Energy and AEP see passing along clean energy savings
  • Utility bills have skyrocketed due to high natural gas prices
Solar panels and a wind turbine at a power grid. 

Solar panels and a wind turbine at a power grid. 

Photographer: Mikael Sjoberg/Bloomberg

Utility giants planning to spend billions of dollars to move away from fossil fuels see the Inflation Reduction Act helping to reduce the cost of that transition as its customers grapple with high energy bills. 

Executives with Duke Energy Corp. and American Electric Power Co. said they are still evaluating the totality of the potential savings. They foresee customers getting a break on their bills thanks to the clean energy tax credits and incentives provided under the law. Both utility owners plan to deploy massive amounts of new wind and solar energy to replace their aging coal power plants.