Build Back Better: How Much Renewable Energy Investment Survived?
After months of negotiation, bickering, and posturing, the Biden Administration’s Build Back Better plan is a shade of its former self. Few political insiders believed the bill would make it through Congress intact, but many would have been shocked to see just how much of the infrastructure plan ended up on the cutting room floor.
The Build Back Better Plan’s Reduced Budget
The plan as it was initially drafted totaled $3.5 billion. As October turns to November, the bill could be described as trimmed down or gutted, depending on your point of view. The proposal as it stands now comes in at $1.75 billion, though some important renewable energy elements have survived with budget allocations that could do some real good.
How Much Renewable Energy Investment Remains in the Build Back Better Budget?
While there is still some way to go before the bill might be considered in its final form, some of the totals for renewable energy investment seem to have found fixed totals. The bill is expected to include:
- $320 billion for clean energy tax credits
- $105 billion for resilience investments
- $110 billion for clean energy technology, manufacturing, and supply chains
- $20 billion for clean energy procurement.
In total, clean energy investment should stay around $555 billion.
How Will the Build Back Better Money Be Spent?
Dispersing the funds will take time. As the money is allocated, it will reach private citizens, businesses, communities, and organizations dedicated to supporting renewable energy investment. Some of the most accessible funds will be made available via rebates and credits. These programs include focused support of reducing energy use as well as cutting the cost of solar panels by up to 30% for most households.
What About Renewable Energy Production?
The original focus of the bill was always to boost employment numbers. That effort is alive with substantial investment to support the production of wind turbines and solar panels, even electric cars, from US-sourced materials in US-based factories. The program will create hundreds of thousands of long-term jobs to support the renewable energy industry as a whole.
Build Back Better Framework
The White House released an updated copy of its Build Back Better framework before the last weekend in October. The document highlights both the energy-focused elements of the bill as well as other key promises made to support more Americans, including $400 billion of childcare and $150 for housing.
The Investment We’ve Been Waiting For
Private companies have long worked ahead of the US government when it comes to growing and implementing renewable energy. The new investment from the public sector should both accelerate this focus and embolden further investment, especially in areas such as energy storage and electrification. Keen Technical Solutions is uniquely positioned to help businesses access public investment by navigating the maze of grants and rebates, handling every element of a project from concept to completion and beyond; our energy maintenance services keep your energy environment up to date and ahead of advances in tech and efficiency. Let’s get started. Talk to a Keen Technical Solutions energy consultant today.