Biden-Harris Unveil $7.3B Clean Energy Plan, Biggest Since New Deal
TL/DR –
The U.S. Department of Agriculture (USDA) will provide more than $7.3 billion in financing for rural electric cooperatives to build clean energy through the Empowering Rural America (New ERA) program, which forms part of the largest investment in rural electrification since the 1930s. The 16 selected co-ops will leverage more than $29 billion in private investment to build over 10 gigawatts of clean energy capacity, reducing and avoiding at least 43.7 million tons of greenhouse gases annually. The funded projects will lower energy costs, reduce pollution, create jobs, enhance electric grid resiliency, and deliver cleaner, more affordable electricity to approximately 5 million households across 23 states.
16 Rural Electric Cooperatives Selected for New ERA Program: A Boost for Clean Energy and Jobs in Rural America
WESTBY, WI, Sept. 5, 2024 – President Joe Biden and USDA Secretary Tom Vilsack today unveiled plans to inject over $7.3 billion into Empowering Rural America (New ERA) program. This ambitious agenda aims to bolster rural electric cooperatives and provide clean energy to rural communities nationwide, representing the largest investment in rural electrification since the New Deal.
The funding, part of Biden’s Investing in America initiative, will stimulate private investments exceeding $29 billion to generate over 10 gigawatts of clean energy. This initiative will drastically curb greenhouse gas emissions, equating to removing over 10 million cars from the roads annually.
Secretary Vilsack commented on how this investment will promote prosperity in rural communities, lower energy costs, and create employment opportunities, with one in five rural Americans set to benefit from this program.
John Podesta, Senior Advisor to the President for International Climate Policy, hailed the venture as a significant step in bringing affordable, clean power to rural communities.
These projects will not only create jobs and decrease energy costs but also significantly reduce pollution and strengthen the nation’s electric grid. Furthermore, they will support Biden-Harris Administration’s Justice40 Initiative.
The selected cooperatives will use New ERA funds to deliver resilient electricity to approximately 5 million households across 23 states, create over 4,500 permanent jobs, reduce pollution by 2.9 billion tons over the projects’ lifetime, and build or purchase over 10 gigawatts of clean energy. The projects will also include the construction of 1,892 megawatt hours of battery storage for improved grid reliability.
The list of selected cooperatives and the states they will serve is available here.
Dairyland Power Cooperative Receives First New ERA Award
Dairyland Power Cooperative is the recipient of the first New ERA award, receiving nearly $573 million to develop projects totaling 1,080 megawatts. The funding will lead to a reduction in Dairyland’s electric rates by an estimated 42% over the next 10 years.
Dairyland aims to utilize this funding to leverage a total investment of $2.1 billion for the development of various energy projects, including four solar and wind power installations across its service territory.
USDA Rural Development Investments
USDA Rural Development grants and loans aim to improve the quality of life in rural areas by boosting economic opportunities, creating jobs, and improving infrastructure. To learn more about these investments, visit Rural Data Gateway.
These investments align with the Biden-Harris Administration’s efforts to make USDA programs more inclusive and accessible. For more information, visit www.usda.gov.
USDA plans to continue awarding New ERA and Powering Affordable Clean Energy (PACE) program awards in the upcoming months.
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USDA is an equal opportunity provider, employer, and lender.
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