The Biden administration has announced that it will be providing more than $13 billion in aid to help low and moderate-income Americans lower their energy bills. The administration will provide grants to pay electric bills as well as other incentives for Americans to make energy-efficient upgrades to their homes.
The Big Announcement
The announcement is meant to reflect the administration's efforts to lower energy costs amid extreme temperature shifts due to climate change.
Under this new initiative, the Department of Health and Human Services will release $4.5 billion in Low Income Home Energy Assistance Program funding, which currently helps pay energy bills and energy-related home repairs for families.
Included in the $4.5 billion is $100 million from President Joe Biden's Bipartisan Infrastructure Law as well as $1 billion in emergency funding that the administration had requested earlier this year.
A senior administration official said, “We know that winter heating bills account for the largest share of low-income households' home energy needs. So it is imperative that the funds reach households as efficiently and effectively as possible.”
The Biden Administration will also be providing around $9 billion to help low and moderate-income families lower their energy costs by making energy-efficient upgrades to their homes.
The funding will help around 1.6 million households and will include installing 500,000 heat pumps.
Under the Bipartisan Infrastructure Law, around 700,000 homes will be weatherized due to the revision of the Weatherization Assistance Program. This initiative will put the administration on track to meet their goal of weatherizing 2 million homes.
“In sum, these programs will make these cost-saving upgrades more accessible for low- and moderate-income families as states gain momentum toward deploying at least 12 million heat pumps by 2030,” the White House said, according to a statement.
Kamala Harris has been traveling the country over the past few months to work on promoting the administration's economic priorities under the Inflation Reduction Act.
This new energy initiative is not the only one that the Biden Administration is working on. Earlier this year, Biden pledged $8 billion to end hunger in the U.S. by 2030.
In a speech given at a Washington conference centered around hunger, nutrition, and health, he declared, “I really know we can do this, end hunger in this country by the year 2030 and lower the toll that diet-related diseases take on far too many Americans. This goal is within our reach. Just look at how far we’ve come on child poverty.”
At least $2.5 billion will be going to startup food companies whose focus is finding solutions to hunger and food insecurity. More than $4 billion will go to philanthropy efforts to improve access to healthier foods, promote healthy choices, and increase physical activity.
This article was produced and syndicated by Wealth of Geeks.
Max Marvelous has coached over 250 Millennials to help take the stress out of money. When Max is not coaching, you'll find him reading financial books, indoor cycling, or visiting local pawn shops looking for swiss-made watches.