ICYMI: Electricity Prices Are Surging. The G.O.P. Megabill Could Push Them Higher.
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WASHINGTON — Today, The New York Times published a report warning that the cost of electricity is climbing nationwide. Despite running on promises to slash energy costs and make life more affordable, President Trump’s policies could push costs even higher, particularly his sweeping tax and spending bill, which aims to swiftly kill most of the Inflation Reduction Act’s tax credits incentivizing clean energy development. Repealing those clean energy credits could increase the average family’s energy bill by as much as $400 per year.
Latino households already face a median energy burden that is 20% higher than that of white households, spending a greater share of their income on electricity. Repealing clean energy incentives would not only punish Latinos with higher bills, it would also exacerbate existing inequities and limit Latino families’ options for affordably cooling their homes as the country braces for another summer of extreme heat.
Already, electricity prices are set to rise for millions of Americans across the East Coast as PJM Interconnection—the regional grid operator—implements new rate hikes. Critics say PJM has been dragging its feet on connecting cheaper, cleaner energy sources like solar and wind to the grid, while continuing to prioritize fossil fuel projects.