How the stimulus package will affect the power sector
The package contains more than $42 billion in energy-related investments from tax credits to homeowners to loan guarantees for renewable energy projects and direct government grants for makers of wind turbines and next-generation batteries.
There's a 30 percent tax credit of up to $1,500 for the purchase of a highly efficient residential air conditioners, heat pumps or furnaces. The credit also can be used by homeowners to replace leaky windows or put more insulation into the attic. About $300 million would go for rebates to get people to buy efficient appliances.
The package includes $20 billion aimed at "green" jobs to make wind turbines, solar panels and improve energy efficiency in schools and federal buildings. It includes $6 billion in loan guarantees for renewable energy projects as well as tax breaks or direct grants covering 30 percent of wind and solar energy investments. Another $5 billion is marked to help low-income homeowners make energy improvements.
About $11 billion goes to modernize and expand the nation's electric power grid and $2 billion to spur research into batteries for future electric cars.
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Texas produces and consumes the most electricity in the US
AUSTIN - For nearly two decades, the Lone Star State has generated more wind-sourced electricity than any other state in the U.S., according to the Energy Information Administration, or EIA.
In 2022, EIA reported Texas produced more electricity than any other state and generated twice as much as second-place Florida.
However, Texas also leads the country in another category. According to EIA, Texas is the largest energy-consuming state in the nation across all sectors with more than half of the state’s energy being used by the industrial sector.
As of May 2023, Texas residents paid 43% more for natural gas and around 10%…
