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Biden announces initiatives to lower energy costs for Americans

Posted at 10:30 AM, Nov 02, 2022

President Joe Biden revealed Wednesday how his administration is helping Americans deal with higher energy prices.

The first initiative allocates $4.5 billion to states, territories and tribes to cover heating costs and unpaid utility bills. The money can also be used for families to make "cost-effective home energy repairs to lower their heating and cooling bills."

The Biden administration notes that the Inflation Reduction Act offers incentives for people who are making their homes more energy efficient.

The nonprofit Rewiring America has an Inflation Reduction Act Calculator that shows people what projects can save them money.

Vice President Kamala Harris will be highlighting the savings being offered during an event in Boston on Wednesday.

She will be joined by members of the International Association of Sheet Metal, Air, Rail, and Transportation Workers. The White House says the union is "partnering with the Sheet Metal and Air Conditioning Contractors’ National Association to create a new online resource for building owners and operators to find qualified labor to install heat pumps and make other important building upgrades."

The federal government expects natural gas prices to rise 22% this winter compared to last year.