The Biden Administration on Tuesday approved $450 million to be used for clean energy projects near coal mines in the United States.
Up to five renewable projects will receive funds from the Administration's 2021 infrastructure law. At least two of those five projects will go towards solar farm projects, the Administration said on Tuesday.
The $450 million aren't the only funds that will be available for clean energy projects in the United States. Developers of clean energy projects will also be eligible for bonuses, as well as investment and production tax credits made possible by the Administration's headline Inflation Reduction Act to "incentivize more clean energy investment in energy communities, particularly coal communities."
More electricity was generated from renewable sources in the United States than from coal in 2022, according to new data from Statista. It is the first time coal took a backseat to renewables over the course of a whole year. According to Statista, renewable energy sources created over 900 terawatt-hours of electric power. Meanwhile, coal created just over 800 terawatt-hours of electric power. This trend is set to hold globally, with renewables projected to outdo coal generation by 2027.
The Biden Administration is pushing the narrative that coal country has both the infrastructure and the people to fulfill renewable projects. "It's very clear that … the workers who powered the last century of industry and innovation can power the next one," U.S. Energy Secretary Jennifer Granholm said, "And now, thanks to President Biden's investments in America, we have the resources that can help bring this new energy economy to life."
Application for the renewable funds are due by the end of this August, with decisions on who will get the funds expected in early 2024.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More
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