U.S. Budgets $7.3 billion to fund clean energy projects helmed by rural electric cooperatives
London, September 05, 2024, (Oilandgaspress) ––President Biden will travel to Westby, Wisconsin to announce $7.3 billion for clean, affordable, reliable electricity for rural America, funded by his Inflation Reduction Act – this is part of his series designed to demonstrate how the Biden-Harris Administration’s Investing in America agenda is improving the lives of Americans across the country and planting the seeds of a better future for decades to come. The investment announced today is the largest investment in rural electrification since the New Deal and is part of the President’s Investing in America agenda, which is lowering costs, creating jobs and bringing new opportunity to communities and families across the country.
The President will announce the first round of rural electric cooperatives selected and the first award for the U.S. Department of Agriculture’s Empowering Rural America (New ERA) program, funded through the Inflation Reduction Act. This program helps rural electric cooperatives transition to clean, affordable, and reliable energy and distribute that power to communities, businesses, farms, and families across Rural America. These investments will lower energy costs by up to hundreds of dollars per year for millions of homes and businesses, tackle the climate crisis by reducing greenhouse gas emissions, and create thousands of jobs and new economic opportunities in rural America.
USDA announced that 16 rural electric cooperatives are being selected to receive up to $7.3 billion in clean energy financing that will deliver clean, more affordable and more resilient electricity to approximately 5 million rural co-op members representing 20 percent of rural households, farms, businesses and schools. These 16 cooperatives will benefit rural residents across 23 states, serving farmers, small businesses, and rural communities in Alaska, Arizona, California, Colorado, Florida, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Montana, Nebraska, New Jersey, New Mexico, Nevada, North Dakota, Ohio, Pennsylvania, South Dakota, Texas, Wisconsin, and Wyoming.
These first 16 co-ops will leverage $7.3 billion from the Inflation Reduction Act into a total investment of more than $29 billion in rural communities across the nation.
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