- Slice of Energy
- Posts
- Biden Administration Announces $7.3 Billion in Clean Energy Financing for Rural America
Biden Administration Announces $7.3 Billion in Clean Energy Financing for Rural America
Slice of Energy Team
September 09, 2024
Key Highlights:
$7.3 billion in funding announced for rural clean energy projects through New ERA.
More than 10 gigawatts of clean energy to power rural America, including wind, solar, nuclear, and hydropower.
Reduction of 43.7 million tons of greenhouse gases annually, equivalent to taking 10 million cars off the road.
Over 20% of rural U.S. households to benefit from the clean energy transition.
Creation of 16,000 construction jobs and 4,500 permanent jobs.
Source (U.S. Department of Agriculture)
Notable Quotes:
"Under the Biden-Harris Administration, we are supporting a more prosperous future for rural communities by speeding up the transition to clean energy."
"The Inflation Reduction Act makes the largest investment in rural electrification since FDR and the New Deal in the 1930s. Today’s awards will bring clean, affordable, reliable power to rural Americans all across our nation."
Our Take:
This monumental investment in rural electrification marks a critical turning point for clean energy development in underserved areas. By leveraging over $7.3 billion in financing through the New ERA program, the Biden Administration is not only fulfilling its climate goals but also creating economic opportunities for rural communities. The strategic mix of renewable energy sources—wind, solar, nuclear, and hydropower—demonstrates a comprehensive approach to sustainable energy while addressing grid resiliency and reducing long-term energy costs. This initiative also highlights a significant effort toward environmental justice through the Justice40 Initiative, ensuring that disadvantaged communities directly benefit from clean energy advancements.