What’s Behind Biden’s Billion-Dollar Plan To Lower Energy Bills?

The Biden Administration has just announced a new reform that could end up saving you a lot of money in the long run. 

A New Era for Energy

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The government announced today that they’re planning to spend billions on modernizing America’s power grid in order to move to a “clean energy future.” 

Power Play

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Their plan is an attempt not only to prevent power outages during extreme weather but to lower energy costs, create multiple well-paid jobs, and also tackle climate change head-on.

Watt’s Up?

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According to a White House press release, President Biden wants the U.S. to lead in clean energy. This year, the U.S. is set to build more capacity for green energy than in the last twenty years combined, with a massive 96% of that coming from renewable sources like wind and solar. 

Juicing the Grid

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There have already been major efforts to increase the number of high-voltage transmission lines – lines that transport power to cities and towns – and they’re currently planning to connect nearly 20 gigawatts (equivalent to 20 billion watts) of new power to the grid.

Wired for Success

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To keep the momentum going, the Biden Administration has launched the “Federal-State Modern Grid Deployment Initiative,” which has already secured backing from 21 states, including California, New York, and Texas. 

The Federal-State Initiative

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The initiative is designed to bring together states, federal agencies, and key power sector players to drive rapid and cost-effective grid adaptation.

Tech-Savvy Solutions for a Modern Grid

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In the past, expanding grid capacity meant building new transmission lines using outdated technology. Today, however, there’s new technology that can carry more power and manage it better. 

Shock and Awe

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High-performance conductors, capable of carrying double or more power than normal wires, and Grid Enhancing Technologies can essentially control the flow of electricity in real time.

Electric Avenue

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States are getting help from groups like the U.S. Climate Alliance and the Department of Energy (DOE) to put these new grid ideas into action. They’re focusing on handling more demand for power while also making sure it’s clean and affordable for everyone.

Key Focus Areas for Participating States

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States are focusing on two big things: handling more power needs and making the grid tougher against things like storms and climate change. 

Smart Solutions for a Smart Grid

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They’re using new technology to do it – smart meters and sensors that can detect problems before they happen.

100,000 Miles of Upgrades Ahead

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Last month, the Administration announced they would be working with businesses in an effort to upgrade 100,000 miles of existing power lines over the next five years. 

Power Boost

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Theoretically, this should make the current grid more optimized and let them add more renewable energy to the general supply without building billions worth of new infrastructure.

Streamlining the Permitting Process

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To speed up these upgrades, the DOE has changed the National Environmental Policy Act (NEPA) to reduce the environmental review timeline for projects. 

High Voltage Vision

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This change should mean that these advanced grid technologies get rolled out quicker, allowing Biden to deliver on his promises a lot quicker – which could make all the difference come election month.

Historic Investments in Grid Resilience

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The money for these plans comes from both the Inflation Reduction Act (IRA) and the Bipartisan Infrastructure Law (BIL), which is allowing the government to push the “largest investment in history” to make the grid stronger. 

Charging Ahead

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The DOE’s Grid Deployment Office has $10.5 billion in grants set aside for businesses that think they can help through the Grid Resilience and Innovation Partnerships (GRIP) Program, with the first round of awards already supporting multiple projects.

The Justice40 Initiative 

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These plans are all part of Biden’s Justice40 Initiative, which makes sure that 40% of the benefits from federal climate and clean energy investments go to disadvantaged communities.

Program Goals

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In a statement the White House said, “Building on the Biden-Harris Administration’s legislative accomplishments and executive actions in tackling the grid modernization challenge, the initiative aims to bring together states, federal entities, and power sector stakeholders to help drive grid adaptation quickly and cost-effectively to meet the challenges and opportunities that the power sector faces in the twenty-first century.”

Power Moves

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This announcement was made even more relevant as, on the same day, a storm in Texas wiped out power access for hundreds of thousands of customers following a weekend of extremely wild weather.

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The postWhat’s Behind Biden’s Billion-Dollar Plan To Lower Energy Bills? – first appeared on Liberty & Wealth.

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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.

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