Energy Facts: Impact of the Investing in America Agenda on New Hampshire
U.S. Secretary of Energy Jennifer Granholm visits New Hampshire
On Monday, January 8, 2024, U.S. Secretary of Energy Jennifer M. Granholm will travel to Nashua and Bedford, New Hampshire, and join the state’s entire congressional delegation to highlight how Bidenomics is helping to lower costs for American households, advance cutting-edge clean energy technologies, and train the next generation of clean energy workers.
Strengthening New Hampshire’s Economy
- In 2022, there were already 30,200 New Hampshire workers employed in the energy sector.
- Statewide, over 50% of the electric power generation workforce was in wind, solar, and hydroelectric, and almost 11,300 workers were employed in energy efficiency.
- The Inflation Reduction Act is expanding these opportunities, bringing an estimated $490 million of investment in large-scale clean power generation and storage to New Hampshire between now and 2030.
- New Hampshire is home to $490 million small businesses, representing 98.9% of all businesses and employing 49% of all workers in the state, and the Inflation Reduction Act will help them save money. Commercial building owners can receive a tax credit up to $5 per square foot to support energy efficiency improvements that deliver lower utility bills. Other programs that will benefit small businesses include tax credits covering 30% of the costs of installing low-cost solar power and of purchasing clean trucks and vans for commercial fleets.
CLEAN ENERGY INVESTMENT
- Currently, New Hampshire has 220 MW of solar, wind, and storage capacity, which powers the equivalent of 25,000 New Hampshire homes. This is in addition to 1.2 GW of nuclear capacity.
- The Inflation Reduction Act tax credits that encourage investment in wind and solar will help reduce energy costs, as the costs of solar and wind power are projected to drop by 23% and 35%, respectively, over the next 30 years in New Hampshire.
- Since the start of the Biden Administration, the U.S. Department of Energy has tracked more than $150 billion in new private sector battery and electric vehicle supply chain investment announcements, and more than $5 billion in new private sector solar manufacturing investment announcements, including two new battery and electric vehicle facilities and a new solar manufacturing facility in New Hampshire.
- New Hampshire has over 10,900 EVs currently registered in the state.
- Drivers switching to an electric pickup truck could save over $1700 per year in fueling and maintenance costs compared to a gasoline-powered truck. Drivers of smaller cars could save over $1200 per year by switching to electric. The Inflation Reduction Act will make it easier and cheaper to purchase an electric vehicle, with upfront discounts for eligible buyers of up to $7,500 for new eligible EVs and up to $4,000 for used EVs, helping many Americans skip the gas pump and save on fuel costs.
- New Hampshire has over 480 alternative fueling ports already. The state will also receive over $3.7 million in federal funding to help build out more EV charging stations.
Investing In New Hampshire
- Thanks to funding from President Biden’s Investing in America Agenda, the U.S. Department of Energy has made available more than $103 million in the past year to New Hampshire’s state and local governments to invest in energy efficiency and grid resilience. This includes funding to help low-income households access more efficiency appliances, and over $6 million to help strengthen grid resilience.
Saving New Hampshirites Money on Home Energy Bills
- The U.S. Department of Energy’s Weatherization Assistance Program and State Energy Program have invested almost $20 million in New Hampshire since 2015, leading to hundreds of jobs and over 1,800 homes with reduced energy costs and improved health and safety.
- New Hampshire will receive over $69 million to implement Home Energy Rebate programs in the state. Low-income households in New Hampshire could save an average of 40% on their home energy bills when they improve energy efficiency through funding like these programs.
- The Inflation Reduction Act also includes grants to help state and local governments adopt the latest building energy codes, which would save the average new homeowner in New Hampshire 15.1% on their utility bills. That amounts to $537 per year.
Prioritizing New Hampshire’s Underserved and Rural Communities
- The Biden Administration has committed to advancing equity for all communities, including through the Justice40 Initiative, which aims to ensure Federal agencies deliver at least 40% of the overall benefits of climate, clean energy, affordable and sustainable housing, clean water, and other investments to disadvantaged communities. The U.S. Department of Energy has more than 140 programs covered by this initiative.
- The New Hampshire Public Utilities Commission took part in a multistate initiative to develop solar in a way that benefits the grid, with support from DOE’s Solar Energy Innovation Network.
- The NH Sustainable Energy Association, in Whitefield, NH, was selected for the first round of the Energizing Rural Communities Prize for their proposal to support rural communities in the design and implementation of battery storage systems for municipal buildings.
For current DOE funding opportunities, visit: www.energy.gov/infrastructure
News release from U.S. DOE.
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