Welcome back, climate leaders.

In today’s edition:

• 🏠 DOE readies $8.5b for home electrification rebates

• ☢️ First new nuclear plant in 30 years goes operational

• 🌾 Why vertical farming doesn’t work

Read time: 5 minutes

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ELECTRIFICATION

DOE paves the way for $8.5b in home energy rebates

Driving the news: The US Department of Energy (DOE) has introduced guidelines for states and territories to apply for a share of over $8.5 billion in electrification and energy efficiency rebates.

• The DOE anticipates that these rebates, which could lead to 50,000 jobs and save consumers up to $1 billion in utility bills, will be available in some states by the end of this year and continue through 2024.

• This initiative is part of the Biden administration's efforts to decarbonize the American economy.

What's happening: The DOE has outlined two rebate programs:

1. $4.3 billion HOMES rebate program, which offers awards based on energy savings levels and applies to both stand-alone houses and multifamily buildings.

2. $4.28 billion High-Efficiency Electric Home Rebate Program, which focuses on electrification and appliance upgrades without energy savings mandates.

The rebates range from $840 for an electric stove upgrade to $14,000 for electrification system installations. Each state has the flexibility to design its own program based on local needs and climate conditions.

Why it matters: The DOE's $8.5 billion rebate programs aim to support the decarbonization of the US economy while providing financial relief to Americans.

• By targeting low- and moderate-income households, these programs seek to ensure that a breadth of consumers can access and benefit from the rebates.

• The flexibility given to states in program design acknowledges the diversity of housing stock, climate zones, and fuel mixes across the country.

What's next: State authorities must submit applications to access the rebate funds, which will then be reviewed and approved by the DOE.

• The guidelines outline an acceptable method for income verification to expedite the disbursement process.

• Texas is tentatively awarded nearly $700 million, while California is allocated $582 million, indicating the scale of these programs' impact.

🌶 Hot take: Home electrification has high upfront costs. So even though homeowners can save money in the long run, many need near-term support to make it happen. IRA-funded rebates are a great way to do that.

HOT TOPICS

1. 🛴 Micromobility: Lyft is considering selling or restructuring its bike and scooter business. The company acknowledges the importance of this sector but is also focused on reshaping its operations under new CEO David Risher.

2. ☢️ Nuclear: The first newly built US nuclear reactor in decades is now operational in Georgia, generating 1,100 megawatts of electricity. The project's seven-year delay and $17 billion cost overrun may deter future nuclear initiatives for carbon-free energy.

3. ⛽️ Fuel Economy: The US plans to raise fuel economy standards to 58 miles per gallon by 2032, aiming to reduce greenhouse gas emissions and fuel consumption.

4. ✒️ Policy: The Supreme Court overturns a lower court's halt on the Mountain Valley Pipeline, allowing the project to proceed. Environmental groups plan to continue opposing it.

5. 🌍 Climate Risk: Amid a surge in climate-related disasters, 15 insurers have stopped offering new homeowners policies in Florida due to increased risk. But people continue to move to high-risk areas, disregarding the warning signs.

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QUOTE OF THE DAY

Sunrun CEO, Mary Powell, envisions a consumer-driven revolution in the energy industry. The increasing use of solar energy in Texas demonstrates its potential while emphasizing the need to adapt to changing demands and embrace innovations, likening it to the opposition faced by traditional phone companies in the past.

ACCLIMATE RECS

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- Rick Jarrell, Founder of Acclimate