President Biden and the United States Department of Agriculture (USDA) announced the initial recipients of $7.3 billion from the Empowering Rural America (New ERA) investment passed in the Inflation Reduction Act (IRA). This is the largest federal investment in rural electricity since the Rural Electrification Act of the 1930s.
The landmark commitment is expected leverage over $29 billion in private funds to develop more than 10 gigawatts of clean energy in rural communities while creating thousands of jobs and lowering emissions. Sixteen rural electric cooperatives (co-ops) across 23 states were selected for this initial funding.
The following is a statement from Sandra Purohit, federal advocacy director at E2:
“The New ERA investment empowers rural America to reduce electricity costs, enhance energy reliability, and create good-paying jobs for families, farmers, and small business owners, by transitioning to clean energy.
“This historic commitment, combined with new tax credits, will attract tens of billions in private investment, further boosting rural economic growth and advancing a cleaner, more resilient energy future.”
Today’s announcements build on the rural investments made in other parts of the IRA, for more see E2’s analysis on impact of the IRA on rural America after one year. E2’s follow-up analysis of the impact of the IRA after two years is expected to release later this month.
ADDITIONAL RESOURCES
- E2: Benefits to Rural America from the Inflation Reduction Act: Driving Jobs, Investment, and Economic Resilience (Jan. 2024)
- E2: Clean Economy Works: An Economic Impact Analysis of Major Clean Energy Projects Announced In Year One of the Inflation Reduction Act (Nov. 2023)
- E2: 2023 Clean Jobs America – Interactive Map + Tables (Aug.2023)
- E2: Clean Economy Works Announcement Tracking – Interactive Map + Tables
- Book: Clean Economy Now Pg 50 and Pg 141-144
For more information or to speak with Sandra Purohit, please contact E2 Communications Director Michael Timberlake (mtimberlake@e2.org, 913-645-9103).
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E2 is a national, nonpartisan group of business leaders, investors, and professionals from every sector of the economy who advocate for smart policies that are good for the economy and good for the environment. Our members have founded or funded more than 2,500 companies, created more than 600,000 jobs, and manage more than $100 billion in venture and private equity capital. For more information, see www.e2.org or follow us on Twitter at @e2org.