"We've seen announcements [of new U.S. EV facilities]... all over the country, and not just announcements, but really big announcements. In some states [these are] some of the largest, if not the largest, economic development projects in the state's history" said Tom Taylor, a policy analyst at Atlas Public Policy. "It's a reasonable assumption that that number [of domestic EV supply chain investments] is going to keep going up."
CLEAN ENERGY
Has Many Benefits
EV powers home for days, with battery charge to spare. While a late December winter storm knocked out power for thousands of Canadians, one Ford F-150 Lightning owner was able to keep the lights on at home for two days by plugging in his electric truck. The F-150 Lightning is the first EV in the U.S. to offer bidirectional charging, which allows the car to power other devices. After 44 hours of powering refrigerators, freezers, Wi-Fi, lights, and TV, the truck still had 65 percent of its battery left. (Electrek)
CLEAN ENERGY
Is A Good Investment
2022 saw $73 billion for U.S. EV supply chains. With EVs making up roughly 6 percent of new U.S. vehicle sales in 2022, automakers poured tens of millions of dollars last year into battery factories, EV manufacturing plants, and battery recycling efforts to meet rising demand. The $73 billion investment is triple the previous record from 2021 and represents a major shift for the industry towards more domestic production to minimize logistical costs and avoid supply chain disruptions. These investments are expected to create over 150,000 direct jobs according to analysts at Atlas Public Policy. (NPR)
CLEAN ENERGY
Is Affordable
Billions in federal funding will help Americans cut emissions — and bills. This year, millions of households across the country will be eligible for tax credits and upfront discounts on climate-friendly home and vehicle upgrades, thanks to support from the Inflation Reduction Act. These include tax credits covering 30 percent (up to $2,000) of the cost of residential heat pumps, up to $7,500 in tax credits for electric vehicles, and 30 percent of the cost of installing rooftop solar panels. On top of reducing household emissions, these investments can also help Americans reduce their gas and utility bills. (Washington Post $)
Leased EVs will qualify for tax credits. The Inflation Reduction Act’s $7,500 tax credit for electric vehicles will apply to leased vehicles, according to new guidance from the Treasury Department. The decision means that even EVs assembled outside of North America can qualify for these incentives, which are expected to boost EV adoption and reduce leasing prices. Automakers in South Korea, Japan, and Europe welcomed the news, which comes amid concerns that EVs need to be assembled and sourced in North America to qualify for consumer tax credits. (Reuters)
CLEAN ENERGY
Is Replacing Fossil Fuels
Offshore wind boom is coming to California. A recent federal lease sale for offshore wind development rights in California coastal waters brought in over $750 million in bids. Unions and environmental groups alike celebrated the auction’s results and anticipate it will spur the creation of new offshore wind industry hubs (and jobs) across the Golden State. The California coast has some of the best wind potential, according to experts, though developers will have to use new floating offshore wind technologies to harness it. (NPR)
Wind and solar are going even bigger in 2023. Renewable energy development is rapidly increasing as countries look to reduce climate pollution while protecting themselves against oil and gas price spikes. The International Energy Agency recently increased its forecast for renewable energy installations by 30 percent, and expects renewable energy to become the world’s largest power source by 2025. While China and the EU continue to dominate renewable energy development, the U.S. is poised to increase investment significantly in the coming years thanks to favorable incentives in the Inflation Reduction Act and growing corporate demand for clean energy. (Houston Chronicle $)
CLEAN ENERGY
Is Challenging
Winter storms show battered grids need upgrades. The deadly winter storm over the Christmas weekend put major strain on the electrical grid in areas across the country, forcing blackouts as demand spiked while freezing temperatures temporarily shut down gas and coal power plants. While extreme weather affects all types of power sources, renewables largely fared well while gas and coal power was hit especially hard. But experts say the most important way to strengthen grids is to expand transmission capacity, which can help ensure that excess energy in other parts of the country can flow to where it’s most urgently needed. (Wisconsin Examiner)
MULTIMEDIA
Graphic: EV Battery Manufacturing Capacity in North America
