Biden: Revive EV, clean energy incentives to help control inflation, save families $500 a year

President Joe Biden has stepped up efforts to get Congress to dust off spending proposals, which he says would help more Americans switch to electric vehicles with the help of tax credits.

Biden, during Tuesday’s State of the Union address, also urged lawmakers to act on spending to incentivize solar and other alternative energy options ICLN,
-0.97%,
including for consumers.

Read: State of the Union: Here is the full text of Biden’s speech

This will help the nation fight inflation, which has been fueled in part by the high NG00 natural gas rate,
+4.11%
and gasoline prices, the president said.

“Let’s cut family energy costs by an average of $500 a year by fighting climate change,” he said.

“Let’s provide investments and tax credits to weatherproof your homes and businesses so they’re energy efficient and you get a tax credit; doubling America’s clean energy production in solar, wind and more; lower the price of TSLA electric vehicles,
-0.70%

GM,
-4.71%,
saving you an extra $80 a month because you’ll never have to pay at the gas pump again,” Biden said.

Read: A ‘Made in America’ electric vehicle tax credit — what car buyers need to know if Biden can advance a slice-and-dice Build Back Better bill

American reference oil CL00,
+4.99%
climbed above $100 a barrel in Tuesday trading, closing at its highest since 2014. Natural Gas NG00,
+4.11%
is trading up around 30% so far this year. The average household spends $250 more per month, or $3,000 per year, due to high overall inflation, by this measure.

The administration has urged households to consider solar panels, smart thermostats and heat pumps, and other technologies for their homes to save energy and money.

The administration’s savings estimate is based on an analysis by the highly respected Rhodium Group, released last October. According to Rhodium evaluationhouseholds would save about $500 per year in energy costs by 2030 under a mix of federal regulations, state actions, and congressional legislation.

The president also highlighted $47 billion in funding for climate resilience and climate justice in bipartisan infrastructure legislation last year, saying it is already deployed to counter extreme weather events such as fires, floods and droughts.

“We will build a nationwide network of 500,000 electric vehicle charging stations,” Biden said, reiterating his administration’s previous announcement.

“We’re done talking about infrastructure weeks. We are now talking about a decade of infrastructure,” Biden said.

Read: Ahead of Biden’s State of the Union, here’s how he’s achieved his priorities so far

Biden has said he could try to advance climate and energy spending demands separately. Tuesday night’s speech did not include an update on those plans.

Biden, who has made climate change and energy efficiency initiatives a key goal of his first term, says he wants the United States to be on the path to halve its emissions by the end of the decadean evolution in step with most of the world’s largest nations.

He also expressed interest in approaches favored by Republicans to reduce emissions, including carbon capture and storagenuclear and the still nascent technologies of green hydrogen.

Read: More right-wing Americans are worried about climate change, but aren’t ready to give up gas stoves

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