A new initiative by the Biden administration will mean that millions of Americans across America could see their energy bills cut as the nation makes a push toward green energy.
Biden’s $7 Billion Solar for All Initiative
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Biden made history on Earth Day this year, using the event to launch a massive 7 billion dollar investment in “Solar for All,” which will primarily target low-income and disadvantaged communities, as part of the government’s self-proclaimed “most ambitious climate agenda in history.”
EPA Oversight
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The Environmental Protection Agency (EPA) will oversee Solar for All, which is funded through the 2023 Inflation Reduction Act’s $27 billion Greenhouse Gas Reduction Fund.
Energy Cost Relief
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In an announcement, Biden explained that the reasoning behind the bill was predominantly to help families who are struggling with energy costs, “particularly poor and middle-income families. In fact, low-income families can spend up to 30 percent of their paychecks on their energy bills.”
Savings Impact
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He went on to state, “To reduce family energy costs for folks with low and moderate incomes today, the Environmental Protection Agency will invest $7 billion from my Inflation Reduction Act in a new program called “Solar for All.”
Benefits for 900,000 Households
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It’s estimated that this move will save low-income households a total of more than $350 million on electricity bills every year, with Biden explaining that “This new Solar for All program means that 900,000 households will have solar on the rooftops for the first time, and soon millions of families will save almost $400 a year on utility bills.”
Environmental Impact
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Solar for All is also expected to stop over 30 million tons of pollution over the next 25 years.
Community Grants
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These grants will be given to 60 different states, tribes, cities, and nonprofit organizations to create long-lasting solar programs. These programs will make it easier for people in these communities to get and use solar power at home.
Job Creation
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And as a bonus, the white house predicts that these solar projects combined will create nearly 200,000 jobs.
Long-Term Savings
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According to the EPA, Solar for All is predicted to generate around $8 billion in household electricity bill savings over the program’s lifetime.
Expansion of Solar for All Model
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Solar for All is not entirely a new policy – some states and communities have already had programs like this in place. However, the new funding will allow the model to be adopted across the nation.
Making Solar Energy Accessible
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“Solar for All” is a term you may have heard tossed around before – it covers a range of programs designed to help people in lower to middle-income communities make the switch to solar energy.
Community Solar Concept
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One of the biggest parts of Solar for All is community solar – where people can tap into solar energy even if they can’t install panels on their own roofs.
No-Cost and Low-Cost Options
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Community solar includes both no-cost and low-cost options and is designed to make solar energy accessible for all – meaning lower energy bills across the community.
Community Solar Farms
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Homeowners can opt into community solar farms that will siphon off part of the collected solar energy to their houses.
Bringing Solar Energy to Homes
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It’s an attractive option for people whose homes don’t receive enough sunlight for rooftop solar panels to be effective and for people who find that purchasing a solar panel system is out of their budget.
Lowering Energy Bills
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And many opt in simply because community solar offers the promise of lower electricity bills.
Reserving Solar Capacity for Low-Income Customers
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Many community solar programs reserve a portion of their power capacity specifically for lower to moderate-income customers, and some also offer free rooftop solar panels to these customers – boosting their home prices and helping cut their electricity bills.
Solar for All Programs Around the Nation
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Not all Solar for All programs provide both community solar and free rooftop solar. A major program in New York focuses only on community solar – it’s all dependent on where you live and programs in effect around you.
Biden’s Broader Clean Energy Goal
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Solar for All ties into Biden’s larger goal called the Justice40 Initiative, which aims to make sure that communities that have been left behind in the past get their fair share of benefits from federal investments in clean energy and housing.
Community Inclusion in Clean Energy
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It’s all about helping out those who need it most while also making the environment cleaner and energy more sustainable.
The post – Biden’s $7 Billion Solar Strategy to Light Up America – first appeared on Mechanic Insider.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
