Biden Administration Announces $13 Billion to Lower Home Energy Costs as Republicans Plot to Repeal Up to $14,000 in Incentives to Help Families
WASHINGTON, D.C. – Today, the Biden administration announced a $13 billion investment in lowering home energy costs as winter sets in and energy companies continue price gouging, raising costs for families. The vast majority of the funding – $9 billion – is from the historic climate law Democrats passed in August. Not a single Republican voted for the Inflation Reduction Act, choosing to prioritize their Big Oil donors over working Americans. Republicans have made no effort to lower costs or protect constituents from energy company profiteering both at the pump and at the meter.
While Democrats are working hard to lower costs and help families weatherize for what is shaping up to be a long and expensive winter, oil and gas lobbyists are already scheming with Republicans to repeal the vital, cost-saving incentives Democrats passed in order to keep costs (and profits) high. Republicans have even said they will go so far as crashing the global economy in order to roll back the climate law’s clean energy incentives.
The $9 billion investment from the Democrats’ Inflation Reduction Act will help boost energy efficiency in homes across the country, by enabling consumers to install energy efficient appliances, and heat pumps that will keep homes warm (or cool), lower costs, and enable families to get off fossil fuels at home. Another $4.5 billion will be sent to low income communities to boost energy efficiency, making sure that families who need it most see the cost-lowering benefits of the climate law.