Biden announces $7 billion residential solar support plan!

The U.S. government will announce $7 billion in grants for residential solar projects that will power more than 900,000 homes in low- and moderate-income communities in the United States.

President Joe Biden made the announcement on April 22 to celebrate Earth Day 2024.

The White House said Biden will announce $7 billion in grants through the Environmental Protection Agency's Solar for All grant competition, a key component of the Inflation Reduction Act's $27 billion greenhouse gas reduction fund.

Recipients of the grants will serve every U.S. state and territory by developing "long-term" solar projects to provide residential solar to approximately 1 million homes in low-income and disadvantaged communities.

The U.S. government estimates that the program will save more than $350 million in electricity bills annually, equivalent to $400 per household.

The plan will also be part of the U.S. government's goal to direct 40% of federal clean energy investment proceeds to disadvantaged communities.

Between 2012 and 2022, U.S. rooftop solar capacity increased tenfold, with small solar power generation growing rapidly from 5,959 GWh in 2012 to 61,281 GWh in 2022, driven by the rapid spread of home installations.

In 2022, residential solar systems will generate 39,510 GWh, accounting for 64% of the electricity generated by small solar installations in the United States, while commercial solar systems will generate a total of 17,724 GWh.

Although the growth in rooftop solar generation accounts for only 1.5% of all electricity consumption in the United States, at 2022 demand levels, rooftop solar generation could generate electricity equivalent to about 45% of all electricity sales nationwide.