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The Biden administration announced plans to allocate $3.16 billion in funding to retrofit hundreds of thousands of homes in low-income areas by making them more energy efficient. Wednesday’s announcement follows a months-long torrent of inflated utility bills, an affordability obstacle which President Biden hopes will be alleviated by home energy retrofits.
The latest investment comes from Biden’s $1.2 trillion bipartisan infrastructure bill that was signed into law last year and will focus on electrifying homes, sealing up leaks, and installing heat pumps, LED lighting, and insulation, CNBC reports.
Electricity production from businesses and homes represents about 13% of the country’s climate-changing greenhouse gas emissions, according to estimates from the Environmental Protection Agency.
The funding will move forward Biden’s pledge to slash emissions in half by 2030 and reach net-zero emissions by mid-century. The program also implements the administration’s Justice40 commitment, which requires federal agencies to deliver at least 40% of benefits from specific funding to disadvantaged communities.
