The most cost-effective energy efficiency investments you can make – and how the Inflation Reduction Act could help

The biggest investment ever in the U.S. to fight climate change. A hard-fought cap on out-of-pocket prescription drug costs for Medicare recipients. A new corporate minimum tax to ensure big businesses pay their share.

And billions left over to pay down federal deficits.

All told, the Democrats' “Inflation Reduction Act” may not do much to immediately tame inflationary price hikes. But the package that won final congressional approval in the House on Friday and heading to the White House for President Joe Biden's signature will touch countless American lives with longtime party proposals.

Not as robust as Biden's initial ideas to rebuild America's public infrastructure and family support systems, the compromise of health care, climate change and deficit-reduction strategies is also a stunning election year turnaround, a smaller but not unsubstantial product brought back to political life after having collapsed last year.

Democrats alone support the package, with all Republicans voting against it Friday. Republicans deride the 730-page bill as big government overreach and point particular criticism at its $80 billion investment in the IRS to hire new employees and go after tax scofflaws.

Voters will be left to sort it out in the November elections, when control of Congress will be decided.

Here's what's in the estimated $740 billion package — made up of $440 billion in new spending and $300 billion toward easing deficits..

Launching a long-sought goal, the bill would allow the Medicare program to negotiate prescription drug prices with pharmaceutical companies, saving the federal government some $288 billion over the 10-year budget window.

Those new revenues would be put back into lower costs for seniors on medications, including a $2,000 out-of-pocket cap for older adults buying prescriptions from pharmacies.

Money would also be used to provide free vaccinations for seniors, who now are among the few not guaranteed free access, according to a summary document.

The bill would extend the subsidies provided during the COVID-19 pandemic to help some Americans who buy health insurance on their own.

Under earlier pandemic relief, the extra help was set to expire this year. But the bill would allow the assistance to keep going for three more years, lowering insurance premiums for people who are purchasing their own health care policies.

The bill would invest $369 billion over the decade in climate change-fighting strategies including investments in renewable energy production and tax rebates for consumers to buy new or used electric vehicles.

It's broken down to include $60 billion for a clean energy manufacturing tax credit and $30 billion for a production tax credit for wind and solar, seen as ways to boost and support the industries that can help curb the country's dependence on fossil fuels.

For consumers, there are tax breaks as incentives to go green. One is a 10-year consumer tax credit for renewable energy investments in wind and solar. There are tax breaks for buying electric vehicles, including a $4,000 tax credit for purchase of used electric vehicles and $7,500 for new ones.

In all, Democrats believe the strategy could put the country on a path to cut greenhouse gas emissions 40% by 2030, and "would represent the single biggest climate investment in U.S. history, by far."

The biggest revenue-raiser in the bill is a new 15% minimum tax on corporations that earn more than $1 billion in annual profits.

It's a way to clamp down on some 200 U.S. companies that avoid paying the standard 21% corporate tax rate, including some that end up paying no taxes at all.

The new corporate minimum tax would kick in after the 2022 tax year and raise some $313 billion over the decade.

Money is also raised by boosting the IRS to go after tax cheats. The bill proposes an $80 billion investment in taxpayer services, enforcement and modernization, which is projected to raise $203 billion in new revenue — a net gain of $124 billion over the decade.

The bill sticks with Biden's original pledge not to raise taxes on families or businesses making less than $400,000 a year.

The lower drug prices for seniors are paid for with savings from Medicare's negotiations with the drug companies.

With $739 billion in new revenue and some $433 billion in new investments, the bill promises to put the difference toward deficit reduction.

Federal deficits have spiked during the COVID-19 pandemic when federal spending soared and tax revenues fell as the nation's economy churned through shutdowns, closed offices and other massive changes.

The nation has seen deficits rise and fall in recent years. But overall federal budgeting is on an unsustainable path, according to the Congressional Budget Office, which put out a new report this week on long-term projections.

This latest package after 18 months of start-stop negotiations leaves behind many of Biden's more ambitious goals.

While Congress did pass a $1 trillion bipartisan infrastructure bill of highway, broadband and other investments that Biden signed into law last year, the president's and the party's other priorities have slipped away.

Among them, a continuation of a $300 monthly child tax credit that was sending money directly to families during the pandemic and is believed to have widely reduced child poverty.

Also gone, for now, are plans for free pre-kindergarten and free community college, as well as the nation's first paid family leave program that would have provided up to $4,000 a month for births, deaths and other pivotal needs.

Associated Press writer Matthew Daly contributed to this report.

Plastics are convenient for packaging, but can have detrimental effects on the environment and human health. In 2021, an estimated 583 billion plastic bottles were produced, totaling 100 billion more than in 2017. The practice of reusing items can have a positive impact on the environment because it helps to reduce air, land, and water pollution.

Plastic was first created in the 1800s and proved beneficial to manufacturers in various aspects including medicine and design solutions, and was more affordable than other materials. After World War II, the U.S. introduced the mass production of plastic. The 1950s to 1970s saw small amounts of the material being used in packaging or shopping bags, so plastic debris was more manageable during those times. From the 1970s to the 1990s, plastic waste tripled. By 1985, 75% of supermarkets provided plastic bags to their customers. By the early 2000s, even more plastic was produced.

Since the emergence of the COVID-19 pandemic, single-use plastics have increased globally due to takeout food orders. Even with recent efforts to combat these concerning trends, plastics by the millions of tons are finding their way into oceans. The Mississippi River—where plastic waste is carried to the ocean—serves as the drainage system for 40% of the U.S. A large amount of global waste is disposed of in landfills, streams, and oceans—which also negatively affects aquatic animals.

There's been varied discussions on whether reusable is "better" than the single-use alternatives. Factors such as how often an item is reused, as well as how it's refilled and cleaned all play a role in the environmental impact.

The Rounds compiled facts and statistics from environmental groups, government agencies, and news sources to understand how adopting different reusable products can impact consumers and the environment.

In 2018, close to a million plastic bottles were purchased every minute. For non-sparkling, one-time-use bottled water, it costs costs $1.17 on average. Switching to a refillable bottle would eliminate the use of 62 plastic bottles annually for each person worldwide, saving them $72 every year, and also cut down on the 40 billion plastic bottles used around the world each month.

The practice of using a refillable water bottle (not plastic) helps to reduce plastic accumulation in landfills, oceans, and streams. Plastic water bottles also contain a synthetic chemical, Bisphenol A (BPA), which has been linked to reproductive issues, as it mimics the hormone estrogen. This can change genes in the body, hormone concentration, and the function of the body's enzymes.

Based on data gathered from straw manufacturers across the country, environmentalist Milo Cress reported in his research that Americans use 500 million drinking straws daily. The Be Straw Free Campaign further expanded on the research and found that 1.6 straws per person are used daily in the country.

One way to contribute to reducing the adverse effects plastic has on the environment is opting for metal straws instead. As with many reusable items, consistently using them over time is key to offset the amount of energy it took to make and wash them. Metal straws do not rust and are simple to clean, while plastic straws are usually used once and then discarded. Over time, the costs accumulate for the person using the straws and also for governments who spend a lot of money on landfills.

A common assumption is that reusing the same container is safer for the environment, but here's the real consensus: It depends on how often it gets reused. In addition to cleaning them after each use, reusable containers can require more materials and energy—and can also increase the container's carbon footprint. It's difficult to quantify the amount of plastic that would be saved by switching to reusable food containers, but one survey estimates that about 116 million people bought disposable food storage containers in one month in 2020, so the figure is certainly high. 

Research published in the February 2019 edition of the Journal of Cleaner Production shows that reusable containers have to be used a certain number of times before being considered "eco-friendly." In other words, it's not just about having reusable containers, but remembering to use them on a regular basis.

Americans spend $5.7 billion on paper towels annually. Paper towels tend to be more convenient when it comes to cleaning, because you can use them and throw them away. But the end result is more waste in landfills.

Cloth towels are reusable and more eco-friendly if made from fabrics such as cotton and linen. Microfiber cleaning cloths work well for cleaning but contribute to microplastic pollution, which can have adverse effects on the environment and animals.

According to National Geographic, in 2018, 5.8 billion tampons were purchased in the U.S. alone. In a lifetime, a person who menstruates can use an estimated 5,000 to 15,000 pads and tampons and throw away 400 pounds of menstrual product packaging. The reality is the packaging for many of these products accumulates exorbitant amounts of waste annually and takes several hundred years to decompose.

After facing consumer skepticism about the safety of tampons due to many being produced from chemically bleached cotton, more companies are creating reusable and more eco-friendly menstrual products. In recent years, menstruation products such as reusable period underwear and menstrual cups have emerged in advertisements. For people who use these reusable products, the reasoning is to help reduce waste and cut costs as the products last longer.

Reusable products such as period underwear can cost $35 on average and last a couple of years. Single-use products such as pads and tampons however can cost $159 or more each year. Some concerns about reusable menstrual products have been how to use them correctly and how sanitary they can remain when worn for longer periods.

This story originally appeared on The Rounds and was produced and distributed in partnership with Stacker Studio.