Shaheen Celebrates More Than $120 Million Invested in New Hampshire in the Two Years Since Inflation Reduction Act Became Law
**Shaheen highlighted investments that are already lowering energy and drug costs, creating jobs and supporting small businesses across the Granite State thanks to historic law**
(Washington, DC) – On the two-year anniversary of the historic Inflation Reduction Act becoming law, U.S. Senator Jeanne Shaheen (D-NH) celebrated the record climate, energy and health care investments already delivered to the Granite State. To date the Inflation Reduction Act (IRA), which Shaheen shaped to accomplish key New Hampshire priorities, has capped prescription drug costs and delivered more than $120 million to the Granite State for clean energy and climate projects that lower costs for families, farms and small businesses, invest in our workforce and more.
“From Pittsburg to Nashua, record investments from the historic Inflation Reduction Act are already supporting Granite State families, businesses and communities. In the two years since the IRA became law, we’ve welcomed funds for projects across New Hampshire that are cutting costs, creating jobs, addressing the climate crisis and ensuring the Granite State can thrive for generations to come,” said U.S. Senator Jeanne Shaheen. “Thanks to the IRA, out-of-pocket costs for insulin have been capped at $35 for Medicare beneficiaries and a record number of Americans are enrolling in health insurance with tax credits that make purchasing insurance more affordable. I join all Granite Staters in celebrating the investments made in our state’s future workforce, economy and success.”
In the two years since becoming law, more than $120 million in funding from the IRA has been announced for New Hampshire – investing in critical projects advancing energy efficiency and cutting costs for Granite State families, businesses and communities. Highlights from key investments include:
- To date, more than 20,000 Granite State households have taken advantage of residential tax credits made possible by the IRA for renewable energy projects that will lower families’ utility costs.
- Earlier this year, Shaheen announced more than $43.5 million from the IRA to help lower energy costs for Granite Staters by delivering affordable solar to low-income households.
- New Hampshire received nearly $70 million for programs to provide consumer rebates for whole-home energy efficiency retrofits and highly efficient electric appliances, as well as $1.25 million for home energy efficiency contractor training.
- More than $6.6 million has been delivered to New Hampshire through the Rural Energy for America Program to help small businesses benefit from energy efficiency upgrades and clean energy projects that can lower their utility bills.
- The U.S. Department of Agriculture obligated a total of $9 million for roughly 300 conservation projects protecting more than 28,000 acres across New Hampshire – helping reduce emissions and improve carbon storage.
- New Hampshire is part of a five-state coalition receiving $450 million to accelerate the adoption of cold-climate heat pumps and heat pump water heaters across New England.
- The City of Manchester and City of Lebanon received a total of $2.5 million to plant and maintain trees that provide needed shade in urban areas and improve air quality.
- More than $5 million from the IRA and bipartisan infrastructure law funded coastal resilience projects in New Hampshire, including $2.9 million to replace high priority tidal culverts in the towns of Stratham and Rye, as well as $2.7 million for a multi-state marine debris clean-up project in New England.
Additional wins from the historic climate, energy and health care law—including critical provisions championed by Senator Shaheen—are listed below:
Capping Insulin Out-of-Pocket Costs
Thanks to Shaheen’s advocacy, the IRA capped out-of-pocket costs for 4 million patients with diabetes by ensuring that Medicare Part D and Medicare Advantage health plans limit copays or coinsurance for insulin to no more than $35 per month. As co-chair of the U.S. Senate Diabetes Caucus, Senator Shaheen leads action in the U.S. Senate to advance priorities that will lower the costs of insulin, invest in treatment and prioritize diabetes research. Senator Shaheen also leads the INSULIN Act, which would extend the $35 out-of-pocket cap to all privately insured patients.
Negotiating the Cost of Prescription Drugs
Shaheen supported the inclusion of measures in the Inflation Reduction Act that empowered Medicare to negotiate drug prices, including the price of insulin. On Thursday, the administration announced that seniors will save $1.5 billion annually out-of-pocket costs in 2026 alone, and American taxpayers are expected to save $6 billion in prescription drug costs. Tens of thousands of Granite Staters rely on these prescription drugs to treat life-threatening diseases like diabetes and cancer.
Extending Affordable Care Act (ACA) Premium Tax Credits
Senator Shaheen worked to successfully extend the authorization of the ACA’s enhanced premium tax credits in the IRA. Based on her Improving Health Insurance Affordability Act, Shaheen originally included the ACA subsidies in the American Rescue Plan, which was signed into law in 2021 and has led the push in Congress making these tax credits permanent a priority. A recent study from the Urban Institute found that 14,000 more Granite Staters are enrolled in individual coverage thanks to these enhanced tax credits, and millions of Americans are saving an average of $800 per year on health insurance premiums.
Providing Consumer Rebates for Energy Improvements
The IRA provided $9 billion for new consumer home energy rebate programs, including a rebate program for whole-home energy efficiency retrofits based on the HOPE for HOMES Act that Senator Shaheen co-led with Senator Chris Van Hollen (D-MD), as well as rebates for high-efficiency electric appliances. This program also includes workforce training funding. ?
Advancing Building Energy Codes
Senator Shaheen has long championed action on building energy codes. The IRA provided $1 billion to support the adoption of the most up-to-date or net zero energy codes. The state of New Hampshire and municipalities with authorities to adopt and implement building codes are eligible for funding. Earlier this year, Senator Shaheen penned an op-ed encouraging the state to adopt the latest energy codes and lower energy costs for Granite Staters.
Investing in Natural Climate Solutions
Shaheen pushed for the inclusion of $700 million for the Forest Legacy Program, a highly successful program that helps keep working forests working and conserves private forestlands that are threatened by conversion to non-forest uses, which in turn preserves the substantial climate benefits that forests provide.
Reducing Greenhouse Gas Emissions
The IRA makes historic investments to lower emissions, including providing $27 billion for a Greenhouse Gas Reduction Fund that mobilizes private capital for clean energy and emissions reduction, as well as $5 billion for Climate Pollution Reduction grants for states, tribes and local governments to plan and implement major emissions reduction efforts.
Boosting Coastal Community Resilience Efforts
Shaheen supported the IRA’s investment of $3.3 billion in the National Oceanic and Atmospheric Administration (NOAA), with $2.6 billion dedicated to preparing for and enhancing resilience to climate change. This includes funding for projects that use natural infrastructure to address coastal hazards, such as sea level rise and address other impacts from climate change.
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