Federal Rebate Program Fleeting?
With the Presidential inauguration behind us, many government programs are facing an uncertain future. And at least one of the programs is on the chopping block. In August 2022, President Biden signed the Inflation Reduction Act (IRA) into law. It set up rebates and tax credits to help consumers save energy from their PA electric supplier. But with the new president threatening to repeal the IRA, its consumer rebate program could vanish. And that might help raise electricity rates further. So, let’s dig a little deeper and see how this could affect your electricity bill.
Federal Rebate Funding Could Stall Out
These rebates are made to help middle and low-income households make more climate friendly home improvements. And could save up to $8,000 per household for energy efficiency upgrades. And up to $14,000 for appliances and heating/cooling systems.
Currently, the Department of Energy (DOE) has approved $259M to fund PA home energy rebates. However, it’s possible that Trump could delay or end the rebate program. There’s also a chance he could take back funding, including money already sent to states. But that would require Congress to vote to repeal the law.
Either way, PA’s clean energy rebate program is in danger.
Clean Energy in PA at Risk
But it’s not just rebates at stake here. Several of PA’s clean energy projects are also at risk of being defunded. These funds from the IRA are all geared towards job creating projects in PA as well as reducing carbon emissions and cutting energy costs. Some of these projects include plugging abandoned oil and gas wells, building clean hydrogen hubs, and creating a training program for clean energy jobs like solar construction and HVAC repair.
Without the federal funding, most of these projects will just go away. And without investment in clean energy initiatives, we could see electricity rates rise even further.
Keep Your PA Energy Costs Low
With the new president already sworn in, we won’t have to wait long to see what happens to the IRA. We can be sure that even if some of the law is kept, some changes will be made.
In the meantime, the best way you can keep your electricity bill low is to shop. You can view ratings for companies and compare plans from different energy providers in PA all on one easy to use website. The best way to save money is to shop for electricity plans on https://www.paenergyratings.com.