Funding the future of energy

Cecelia Hillyer, Writer

On May 16th, Joe Biden made an announcement that soon electric providers will be able to apply for up to almost $11 billion in grants and loans for energy projects. The Empowering Rural America program is being funded by the $430 billion Inflation Reduction Act that Biden signed into law in August 2022. The Biden administration hopes to get to Net-Zero emissions by 2050.

Starting July 31st, energy providers can apply for up to $9.7 billion in grants. These grants are for carbon capturing systems and renewable energy. Beginning June 30th, renewable energy developers will be able to apply for up to $1 billion in loans for financing the development of energy sources such as wind, solar and geothermal. These loans are partially forgivable loans.