Impact of America’s Investment Agenda on Nevada’s Energy Sector
U.S. Secretary of Energy Jennifer Granholm plans to visit Nevada from January 30 to 31, 2024, to tour the Allegiant Stadium, which is powered by 100% renewable energy, and discuss solar power development with the Moapa Band of Paiutes. The Inflation Reduction Act is expected to bring $2.7 billion in investment to Nevada by 2030 for large-scale clean power generation and storage. Nevada is working toward a clean energy future through initiatives such as the Inflation Reduction Act, which includes tax credits for wind and solar investment, the Home Energy Rebate program, and the Justice40 Initiative, which aims to deliver clean energy benefits to disadvantaged communities.
Renewable Energy Development: U.S. Energy Secretary Jennifer Granholm’s Nevada Visit
On January 30-31, 2024, Secretary Granholm tours the Allegiant Stadium in Nevada — the first NFL stadium powered by 100% renewable energy. She will also meet with the Moapa Band of Paiutes to discuss their leadership in solar power development and deployment. Her visit to Nevada includes attending the 2024 National Automobile Dealers Association Show to talk about local dealers’ vital role in electric vehicle adoption, followed by a roundtable discussion with local union representatives and Nevada’s political leaders.
Boosting Nevada’s Economy: Energy Jobs and Small Businesses
In 2022, 59,200 Nevada workers were employed in the energy sector, with 74% of this workforce in wind, solar, and hydroelectric power and over 12,000 in energy efficiency. The Inflation Reduction Act is projected to bring a massive investment of $2.7 billion in large-scale clean power generation and storage to Nevada by 2030. This is a boon for Nevada’s 312,000 small businesses, as they stand to benefit from the Act’s tax credit for energy efficiency improvements and installation of low-cost solar power.
Clean Energy Investment and Transportation in Nevada
Nevada boasts over 5.5 GW of solar, wind, and storage capacity, with plans to double this clean energy capacity. The Inflation Reduction Act’s tax credits are expected to lower energy costs as the prices of solar and wind power are projected to drop by 22% and 35% in Nevada over the next 30 years. Investments in battery and electric vehicle supply chain have exceeded $150 billion, including $10.5 billion in Nevada.
Investing in Nevada through the Federal Government
The U.S. Department of Energy invested over $141 million in Nevada to enhance energy efficiency and grid resilience. This includes support for low-income households and strengthening grid resilience. Advanced Battery Technology Company received $57 million to support a new battery manufacturing facility in Nevada. American Battery Technology Company also received nearly $10 million to enhance battery recycling.
Reducing Home Energy Bills for Nevadans
Nevada received over $96 million to implement a Home Energy Rebate program, with low-income households expected to save an average of 28% on their energy bills through energy-efficient appliance upgrades. The Inflation Reduction Act will provide grants to help state and local governments adopt the latest building energy codes, potentially saving Nevada homeowners 9.7% on their utility bills.
Advancing Equity in Nevada’s Rural and Underserved Communities
The Biden Administration’s Justice40 Initiative strives to deliver at least 40% of the benefits of federal investments in climate, clean energy, and other sectors to disadvantaged communities. Nevada Clean Energy Fund and Warm Springs Consulting were selected for the Energizing Rural Communities Prize for their proposals supporting rural communities in accessing reliable and affordable energy.
For current DOE funding opportunities, visit: www.energy.gov/infrastructure
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