Power Info: Influence of the Investing in America Agenda on Tennessee

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U.S. Secretary of Power Jennifer Granholm visits Tennessee

• On Tuesday, December 5, 2023, U.S. Secretary of Power Jennifer M. Granholm will journey to Tennessee to fulfill with Tennessee Valley Authority (TVA) Management and native officers and power leaders, showcasing the Biden-Harris Administration’s historic investments in clear power within the South.
• Throughout this go to, the Secretary will go to the Clinch River Nuclear Web site to focus on the significance of superior nuclear applied sciences — a significant device to achieve the Biden-Harris Administration’s purpose of a net-zero emissions by 2050.

Strengthening Tennessee’s Financial system

ENERGY JOBS

• In 2022, there have been already 209,951 Tennessee employees employed within the power sector.
• Throughout the state, greater than 83% of the electrical energy technology workforce was in wind, photo voltaic, and hydroelectric, and greater than 50,017 employees have been employed in power effectivity.
• The Inflation Discount Act will increase these alternatives, bringing an estimated $900 million of funding in large-scale clear energy technology and storage to Tennessee between now and 2030.

SMALL BUSINESSES

• Tennessee is dwelling to 653,000 small companies, representing 99.5% of all companies and using 42% of all employees within the state, and the Inflation Discount Act will assist them lower your expenses. Industrial constructing house owners can obtain a tax credit score as much as $5 per sq. foot to help power effectivity enhancements that ship decrease utility payments. Different applications that can profit small companies embody tax credit overlaying 30% of the prices of putting in low-cost solar energy and of buying clear vans and vans for industrial fleets.

CLEAN ENERGY INVESTMENTS

• Presently, Tennessee has 561 MW of photo voltaic and wind capability, together with 2.5 GW of hydroelectric capability and 5 GW of nuclear capability. There may be over 580 MW of further deliberate photo voltaic power capability within the works within the state, which can greater than double the quantity of renewables obtainable on the state’s grid and energy the equal greater than 83,000 further properties.
• Inflation Discount Act (IRA) tax credit that encourage funding in wind and photo voltaic will assist scale back power prices, as the prices of photo voltaic and wind energy are projected to drop by 23% and 34%, respectively, over the subsequent 30 years in Tennessee.
• For the reason that begin of the Biden Administration, we’ve got tracked greater than $150 billion in new battery and electrical automobile provide chain funding bulletins, together with 23 services in Tennessee, including as much as over $15 billion in deliberate funding and over 12,600 jobs.

CLEAN TRANSPORTATION

• Tennessee at present has over 1,700 EV charging ports. The state can be receiving over $18.8 million in federal funding from the Bipartisan Infrastructure Regulation to assist construct out extra EV charging stations.
• In 2022, Tennessee had 28,300 registered electrical autos, a 53% enhance over 2021. Drivers switching to an electrical pickup truck may save greater than $1,700 per yr in fueling and upkeep prices in comparison with a gasoline-powered truck. Drivers of smaller automobiles may save greater than $1,200 per yr. The Inflation Discount Act will make it simpler and cheaper to buy an electrical automobile, with upfront reductions as much as $7,500 for brand new EVs and as much as $4,000 for used EVs, serving to many Individuals skip the gasoline pump and save on gas prices.

Investing in Tennessee

• Because of funding from President Biden’s Investing in America Agenda, the U.S. Division of Power (DOE) has made obtainable greater than $103.6 million prior to now yr to Tennessee’s state and native governments to spend money on power effectivity and grid resilience.
• Novonix Anode Supplies has obtained $150 million from DOE to construct a battery supplies manufacturing plant in Chattanooga, which can produce graphite for EV batteries.
• Piedmont Lithium has additionally obtained $141 million to construct a world-class lithium hydroxide facility in McMinn County, TN.
• Tennessee Tech College has obtained $4.5 million to assist develop cheaper cell charging stations for electrical autos, which might be deployed in rural areas and different locations with restricted EV charging capability.
• Carbon Rivers in Knoxville, TN, has obtained $1.1 million to enhance recycling of supplies made out of end-of-life wind turbine blades.
• Electrical Energy Analysis Institute in Knoxville, TN, has obtained $3.4 million for photo voltaic power analysis as a part of a grid modernization technique.

Saving Tennesseans Cash on House Power Payments

• DOE’s Weatherization Help Program and State Power Program have invested greater than $55.1 million in Tennessee since 2015, resulting in 789 jobs and over 2,800 properties with lowered power prices and improved well being and security.
• Upgrading home equipment and bettering dwelling power effectivity may save a complete of 9,900 GWh of power in Tennessee, sufficient to energy 462,000 Tennessee properties.
• Tennessee will obtain over $167 million to implement a House Power Rebate program within the state. Low-income households in Tennessee may save a mean of 44% on their dwelling power payments after they improve their home equipment and enhance power effectivity via this program.
• The Inflation Discount Act additionally contains grants to assist state and native governments undertake the most recent constructing power codes, which may save the common new house owner in Tennessee 29% on utility payments. That quantities to $719 per yr.

Prioritizing Tennessee’s Underserved Communities

• The Biden Administration has dedicated to advancing fairness for all communities, together with via the Justice40 Initiative, which goals to make sure Federal businesses ship at the least 40% of the general advantages of local weather, clear power, inexpensive and sustainable housing, clear water, and different investments to deprived communities. DOE has greater than 140 applications coated by this initiative.
• Nashville, TN has participated in a Clear Power to Communities Peer Studying Cohort sponsored by DOE to develop and implement a municipal clear power technique.
• The Electrical Energy Analysis Institute is partnering with DOE to develop a community-focused planning framework to forestall energy disruptions brought on by excessive climate occasions. The purpose is to reduce the potential burden of outages on native residents, particularly low-income communities. The plan will then be deployed in a traditionally Black neighborhood in Nashville, TN, an space broken by a harmful twister and different storms in 2020.

For present DOE funding alternatives, go to: www.power.gov/infrastructure

Courtesy of the U.S. DOE.