Biden Admin Cuts $85 Million Check To Boost Production Of Green Appliance Despite Cratering Demand

[rangerrebew]

Biden Admin Cuts $85 Million Check To Boost Production Of Green Appliance Despite Cratering Demand
Story by Owen Klinsky • 18h •


The Biden administration is deploying roughly $85 million to boost production of a green appliance despite plummeting consumer demand, according to a Wednesday press release from the U.S. Department of Energy (DOE).

The White House on Wednesday announced nearly $85 million in grants for four producers of electric heat pumps, the DOE wrote in a statement. The announcement comes despite cratering demand for the electric appliance, with total U.S. shipments of the product falling 16% in 2023 despite the federal tax credit being raised from $300 to $2,000 in January 2023, according to a study from the University of California Berkeley’s Haas School of Business.
 
“The Biden-Harris Administration’s Investing in America agenda is manufacturing hundreds of thousands of energy-saving heat pumps here in the USA, helping American households and businesses keep money in their pockets,” Secretary of Energy Jennifer Granholm said in the release.
Heat pumps cost an average of $10,750 to install, as opposed to an average cost of $4,700 for a new furnace in 2024, according to Forbes. Heat pumps have also become significantly less cost-effective to operate, with average U.S. residential electricity prices rising 6.2% in 2023, according to the U.S. Energy Information Administration (EIA).

https://www.msn.com/en-us/money/markets/biden-admin-cuts-85-million-check-to-boost-production-of-green-appliance-despite-cratering-demand/ar-AA1oteGf?ocid=msedgdhp&pc=HCTS&cvid=1e18cf9cca63434687aaeeef81390563&ei=105

[rangerrebew]

The administration is doing with climate change the same way it deals with immigration, make their solution so prevalent there is almost no going back to correct it.

[Smokin Joe]

The administration is doing with climate change the same way it deals with immigration, make their solution so prevalent there is almost no going back to correct it.

Well, they are throwing a lot of money at it. How much of that will come back around like Solyndra money did remains to be seen. These are the people who can spend billions somewhere and build fewer than 10 EV chargers, so I would not expect a lot of equipment from the cash laid out.