Biden Announces $7 Billion in Solar Grants for Earth Day
President Joe Biden has announced the allocation of $7 billion in federal grants to support residential solar projects, primarily aimed at benefiting low- and middle-income households. These grants, to be awarded through the Environmental Protection Agency's "Solar for All" initiative, are part of the $369 billion bipartisan Inflation Reduction Act passed last year. This investment is projected to power nearly a million households, create 200,000 jobs, and reduce carbon emissions by 30 million metric tons, equivalent to taking about 6.5 million cars off the road for a year.
The program is designed to provide financial relief by saving households approximately $400 annually on power bills, totaling an aggregate savings of $350 million per year. It will also focus on ensuring that at least 40% of the benefits from federal clean energy investments are directed toward disadvantaged communities, aligning with Biden's Justice40 initiative. The funding will be distributed through a mix of states, territories, tribes, municipalities, and non-profits.
The announcement, coinciding with Earth Day, underscores the administration's broader commitment to climate action and sustainability. Additionally, the administration intends to launch a new website to promote the American Climate Corps, encouraging citizens to engage in volunteer work to address environmental challenges. This solar investment announcement comes amidst a series of other climate actions, including restrictions on oil and gas leases in Alaska and conservation-focused land management rules.
