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The US Administration launched a USD 7 billion grant for residential solar power projects which will power nearly a million low-income households. The initiative, known as the "Solar for All" program, is expected to benefit over 900,000 households the across USA. The U.S. Environmental Protection Agency (EPA) announced 60 selectees that will receive the grant awards through the Solar for All grant competition.
The funding for this initiative comes from President Biden’s Investing in America agenda through the Inflation Reduction Act, which created EPA’s USD 27 billion Greenhouse Gas Reduction Fund.
This USD 7 billion investment will generate over USD 350 million in annual savings on electric bills for overburdened households. The program will cumulatively reduce 30 million metric tons of carbon dioxide equivalent emissions from over 4 GW of solar energy capacity unlocked for low-income communities over five years. The funding play a pivotal role in North american solar market.
Solar and distributed energy resources help improve electric grid reliability and climate resilience, which is especially important in disadvantaged communities that have long been underserved.
EPA Administrator Michael S. Regan said, “The selectees will advance solar energy initiatives across the country, creating hundreds of thousands of good-paying jobs, saving USD 8 billion in energy costs for families, delivering cleaner air, and combating climate change.”
The Inflation Reduction Act of 2022 (IRA) is a landmark United States federal law. It aims to curb inflation by potentially reducing the federal government budget deficit, lowering prescription drug prices, and investing in domestic energy production while promoting clean energy.
The Inflation Reduction Act is expected to raise USD 738 billion from tax reform and prescription drug reform to lower prices and authorize USD 891 billion in total spending – including USD 783 billion on energy and climate change, and three years of Affordable Care Act subsidies. This law represents the largest investment to support renewable energy projects in USA.
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