Heinrich Marks Two Year Anniversary of the Inflation Reduction Act, Highlights How New Mexicans are Spending Less on Everyday Costs, Touts Manufacturing Boom Law Has Created in New Mexico
The Inflation Reduction Act, which Heinrich helped pass into law, is lowering prescription drug costs, creating thousands of jobs, tackling climate change, and spurring a clean energy manufacturing renaissance in New Mexico
WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) released the following statement on the two-year anniversary of the historic Inflation Reduction Act being signed into law by President Joe Biden:
“I fought hard to pass the Inflation Reduction Act to lower prescription drug costs, save New Mexicans money, create a clean energy manufacturing renaissance in New Mexico, and ensure a healthy climate for our kids,” said Heinrich. “Two years in, this bill is delivering for New Mexicans and we are seeing the proof — lower medicine costs and energy prices, new high-quality careers New Mexicans can build their families around, and further solidifying our state as the center of the nation’s clean energy future. As we celebrate this anniversary, I’m looking forward to the new investments headed to New Mexico, which will grow our economy and help working families get ahead.”
The Inflation Reduction Act is creating a manufacturing renaissance and helping to position New Mexico as a national leader in an American-made clean energy future. Since enactment in 2022, the law has made historic investments to fight inflation and lower costs, grow the economy, create high-quality jobs, and reduce the nation’s climate warming carbon emissions.
Since the Inflation Reduction Act was enacted, Heinrich has welcomed a $50+ million investment to build a new 216,000-square-foot Array Technologies manufacturing campus on Albuquerque’s Westside, which will employ over 300 additional New Mexicans to facilitate the production, assembly, design, engineering, and customer service of solar tracking technology. Heinrich also welcomed a $60 million investment to build a new Arcosa Wind Towers manufacturing facility in Belén, which will have a $314 million economic impact and create 250 jobs in the region.
Heinrich recently traveled around New Mexico with U.S. Secretary of Energy Jennifer Granholm to highlight these investments and welcomed President Joe Biden to the Arcosa Wind Towers facility in 2023.
The Inflation Reduction Act lowers energy costs by making homes and communities more energy efficient. The legislation includes Heinrich-led provisions that create a new rebate program to provide upfront, point-of-sale rebates for the purchase and installation of electric appliances and equipment in single-family homes and multifamily buildings, with additional support for low- and moderate- income households.
The legislation puts the U.S. on a path to reduce emissions by 40 percent by 2030, while investing in our rural communities and safeguarding American energy security.
The Inflation Reduction Act is also lowering Americans’ health care costs by allowing Medicare to negotiate the price of prescription drugs and cap the total out-of-pocket drug prices for seniors enrolled in Medicare Part D.
Yesterday, the Biden-Harris administration announced the first 10 drugs selected for Medicare price negotiation, which was made possible through provisions Heinrich passed in the Inflation Reduction Act. Find a detailed list on the first 10 drugs selected for Medicare price negotiation here.
Many key provisions in the IRA have already gone into effect, making significant strides in improving the lives of New Mexicans, including:
- Reducing the cost of Affordable Care Act marketplace health insurance premiums by an average of $453 per month for 56,472 New Mexicans.
- Free vaccinations for shingles and other recommended vaccinations for seniors. Before the IRA, Medicare beneficiaries were the only patients in the country required to pay for vaccines. This provision has already helped to lower costs for more than 24,700 New Mexicans.
- A $35 monthly cap on out-of-pocket costs for insulin in Medicare Parts D and B. This provision has already helped lower costs for 8,700 New Mexicans.
Find a detailed list on the first 10 drugs selected for Medicare price negotiation here.
Find a fact sheet from the U.S. Joint Economic Committee, chaired by Heinrich, on how the Inflation Reduction Act has put money back into New Mexicans’ pockets here.
Below is a sample of how the Inflation Reduction Act is boosting manufacturing in New Mexico:
‘A manufacturing renaissance:’ Array Technologies breaks ground on new campus - Albuquerque Journal
Granholm says Inflation Reduction Act expanded manufacturing in America, New Mexico- New Mexico Political Report
First wind towers come off Arcosa manufacturing line – Albuquerque Journal
The New Mexico workforce spurring the manufacturing renaissance – U.S. Senator Martin Heinrich
Heinrich Welcomes President Biden to Belén New Mexico – U.S. Senator Martin Heinrich
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