New standards that will limit carbon pollution from power plants will save the environment and the economy according to environmental advocates.

The EPA is set to release the new nationwide standards next week, which look to be implemented state-by-state by mid-2015.

Non-profit advocacy group, Natural Resources Defense Council says it will save Americans more than $37-billion  on their electric bills by 2020, which adds up to about $100 per household in savings per year, and create 274,000 new jobs.

The new standards are looking to slash carbon pollution by 530 million tons per year.

The group says about 1,000 power plants emit more than two billion tons of carbon dioxide each year, accounting for 40 percent of the total U.S. carbon pollution emissions.

While there are limits on emissions of arsenic, mercury, lead, sulfur and soot, there are no federal limits at all on carbon pollution they can release.

Read more on the group's findings by clicking here.

(Photo:Joe Raedle / 2002 Getty Images)

 

(Survey from Natural Resources Defense Council)