banking-finance

Biden Administration To Provide Over $13 Billion In Aid To Help American Families Lower Energy Costs

Biden

The Biden administration will provide over $13 billion in aid to help American families lower their energy costs. The plan will include rebates and tax incentives to encourage homeowners to make their homes more energy efficient, as well as tax credits to encourage businesses to buy more fuel-efficient vehicles and equipment.

 

The White House said the package of measures would create or save between 1.3 million and 2 million jobs over the next two years, while cutting carbon pollution equivalent to taking more than 75 million cars off the road. Not only the energy cost but all The US government is taking initiatives as they also want to reduce the pollution in the environment. As we all are aware of the fact that the US keenly focuses on saving the environment and making it green!

 

These types of actions will not only help their country's economy recover or grow,but it will also reduce the country's dependence on foreign oil by increasing demand for American-made goods.

 

The plan includes:

 

  • Rebates for some home improvements. Rebates up to $500 per year for each household member who makes an energy efficiency improvement worth at least $500 over five years;

 

  • Tax credits for purchases of advanced batteries and electric vehicles;

 

  • Tax credits for the purchase of energy-efficient residential appliances; and

 

  • A tax credit for businesses that purchase fuel-efficient machinery and equipment.

 

The economic stimulus package, which was signed into law last week by President Obama, includes $5 billion for energy efficiency programs. The new legislation also includes an additional $3.5 billion for fiscal year 2010 that can be used for both weatherization and renewable energy projects. This new investment will provide critical assistance to save money on heating and cooling costs, improve home safety and security, reduce greenhouse gas emissions and provide renewable energy."

 

The new funding will be used by states, local governments and tribes to help cut energy costs for low-income households.  The federal government has also pledged to expand rebates for low-income consumers who want to install solar panels or heat pumps.  The funding comes from the Department of Energy's Weatherization Assistance Program, which provides grants for home weatherization and energy efficiency improvements. It also comes from a separate program that pays for heating oil delivered to homes through the mail.

 

U.S. Vice President Joe Biden will travel to Texas this week to visit oil refineries and announce a $13 billion package of aid for American families struggling to afford higher energy costs.

 

The "American Home Heating Plan" includes $5 billion for weatherization assistance for low-income families, $4 billion to expand the Low Income Home Energy Assistance Program (LIHEAP) and $2 billion toward energy efficiency improvements in homes. The remaining funds will go toward research on energy efficiency, power line relocation and distributed generation technologies, according to a press release from the White House yesterday.

 

Biden's trip is expected to be an important step toward bringing attention to the issue of rising energy costs in the United States, which has been causing widespread economic hardship since early 2014 as oil prices hit record highs. No doubt it's a great initiative by The biden administration as they will provide over $13 billion in aid to help American families lower their energy costs and get the most out of their hard-earned dollars.

 

Biden is handling the Whole US strongly and efficiently, no doubt he has taken some strong and powerful steps which have proven perfectly! The way he is ruling the world or his country currently is amazing. To provide dollar 13 billion is not easy by any government or any President, but Biden and the government has done it several times!

 

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