The Inflation Reduction Act is monumental in its scope and the positive impact it will have on our communities, country and planet. And now it has passed the Senate and is on its way to the House of Representatives. We expect passage there later this week — and then onto President's Biden's desk for signature.

The IRA is not perfect by any measure. But progress is never all at once, or neat. It is messy even in its biggest moments. This bill is imperfectly perfect because it is advancing progress so significantly, bringing disparate stakeholders together to find compromise, even as we work to a planetary deadline that is uncompromising.

But make no mistake about it. The IRA represents monumental, game-changing progress.

Details in brief

Did you miss our explainer on key provisions in the Inflation Reduction Act? Don’t worry. It’s here. Did you miss our brief on IRA provisions for disadvantaged communities? Don't worry. It's here.

IRA as an IRA: The Inflation Act as an Individual Retirement Account

How is the Inflation Reduction Act like an Individual Retirement Act? It will save Americans thousands of dollars over time, if these household energy savings are reinvested towards long-term savings. Our Head of Research, Steve Pantano, puts forth this most compelling case for the bill as a tool for helping low-income households save: This is roughly equivalent to the same household putting an additional 3 percent of salary into a retirement account over 25 years; doubling the typical employer retirement matching contribution. This is enough to bring retirement savings rates for low-income families up to par with the national average.

Appraising Arizona

We wanted Arizonans to know how much money the Inflation Reduction Act will save them. Spoiler alert: a lot!

The Inflation Reduction Act will pay us to lower our energy bills — forever — by switching to electric appliances. It will help us power these electric appliances with cheap solar energy from our rooftops.

This bill puts money back in our pockets. It keeps money in our communities. And it creates good-paying jobs that cannot be automated or offshored.

Efficient electric machines cost less to run than fossil fuel-powered ones. 41 percent of the inflation Arizonans are experiencing comes from fossil-flation: A dependence on fossil fuels drives up our energy bills and leaves us vulnerable to Big Oil profiteers and dictators like Putin. Meanwhile, an EV costs an equivalent of $1.06 per gallon to drive.

Fossil-flation will not go away until we electrify our cars and homes—swapping out expensive, polluting machines for efficient clean ones. When the time comes to replace what we have, the Inflation Reduction Act is here to help us afford these much better electric options.

The Inflation Reduction Act transfers wealth from oil company CEOs to Arizonans. It is an investment in ourselves. An investment in an abundant, secure and electric American future.

Tell Congress to pass the Inflation Reduction Act now.