On Earth Day, Biden Administration Backs Rooftop Solar With $7 Billion Grant

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On Earth Day, Biden Administration Backs Rooftop Solar With $7 Billion Grant

By Tsvetana Paraskova of OilPrice.com

U.S. President Joe Biden is announcing on Monday $7 billion in grants to help more than 900,000 low-income households install residential solar power, the White House said.

President Biden will mark today’s Earth Day by traveling to Prince William Forest Park in Triangle, Virginia, and is expected to highlight the Administration’s progress “in tackling the climate crisis, cutting costs for everyday Americans, and creating good-paying jobs,” the White House said.

The $7 billion in grants will come from the Environmental Protection Agency’s Solar for All grant competition, a key component of the Inflation Reduction Act’s $27 billion Greenhouse Gas Reduction Fund.  

The selectees under the competition are expected to deliver residential power to more than 900,000 households in low-income and disadvantaged communities, saving households more than $350 million in electricity costs annually, or about $400 per household, according to the White House.

The rooftop solar program will also help avoid more than 30 million metric tons of carbon pollution over the next 25 years.

EPA has received 150 applications, and 60 applicants were selected through a robust multistage review, Environmental Protection Agency Deputy Administrator Janet McCabe said in a call with reporters.

U.S. solar installations surged in 2023, as solar accounted for over 50% of new electricity capacity added to the grid, for the first time in history, the annual solar market review of the Solar Energy Industries Association (SEIA) and Wood Mackenzie showed earlier this year.

However…

…the biggest residential solar market in the U.S., California, has seen major policy changes in the way the California Public Utilities Commission (CPUC) will compensate rooftop solar customers for the excess energy they generate.

This decision moved the state from retail rate “net metering” to a new “net billing” structure that cuts the value of rooftop solar credits by about 75%.  

This, according to SEIA and WoodMac, is expected to crash California’s residential solar market in 2024, contributing to a projected 36% decline across all segments in the state.

Tyler Durden
Mon, 04/22/2024 – 22:20