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4 ways Biden’s climate plan affects you

4 ways Biden’s climate plan affects you

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As the new administration kicks off big plans for clean energy, how will these incoming policies affect you?

As the new administration kicks off big plans for clean energy, how will these incoming policies affect you?

4 ways Biden’s climate plan affects you
Take a moment to visualize “climate change.” If you’re imagining melting ice caps and rising sea levels, great start. Now zoom in. See the fossil-fuel industry, large-scale pollution, and deforestation. Now consider how you power your home, commute to work, and interact with your community. Yes, even you contribute to climate change.

It can be hard to visualize how climate change, and its legislation, affect our daily lives. With a new president in the White House, the United States is primed to spark a clean energy revolution. So where do you come in?

Firstly, what is Biden’s Climate Plan?

The climate change plan set forth by President Joe Biden sets out to achieve net-zero emissions in the United States by 2050. To reach that goal, every person will likely need to make changes in one way or another. The good news is that Biden’s climate change policies could help you do your part to fight climate change and may even save you some money in the process.

How do Biden’s climate change policies affect you?

Let’s take a look at four major ways that new legislation on climate change could impact you and your household:

1. Considering a new dishwasher? Make sure it’s high efficiency.

As of 2020, the Energy Information Administration states that 20% of greenhouse gas emissions in the United states come from residential energy use. If you’re a homeowner, Biden’s plan for improving household energy efficiency through “deep retrofits” could impact you directly. But what is a deep energy retrofit? Basically, it’s a detailed analysis followed by measures to reduce on-site energy consumption by at least 50%. This can include swapping a gas stove for electric, upgrading to an HE washer, and improved household weatherization. Biden’s Climate Plan specifically calls for two million homes to be weatherized over four years.

Keep an eye out for cash rebates, incentives, and accessible financing options for new electric appliances and energy-efficient windows—which also help lower energy bills.

2. It might be a good time to upgrade your vehicle.

Biden has set a goal of eliminating fossil-fuel pollution from the U.S. economy by 2050—no small task. As the plan focuses on putting more Americans into electric, zero-emissions vehicles, we may see a rise in cash rebates or tax incentives to replace gas cars.

If you’ve been eyeing a Tesla, you could be in luck. Biden plans to restore the electric vehicle tax credit, including removing the manufacturer cap on the $7,500 credit—which currently excludes Tesla and GM electric vehicles—and permanently restoring the tax credit for electric vehicles manufactured in the United States.

Biden’s Climate Plan also makes widespread electric car usage considerably more practical and feasible with the ambitious goal of deploying half a million new public charging outlets by the end of the decade.

Lastly, President Biden is open to a vehicle trade-in program offering additional incentives or rebates for trading in less efficient vehicles for new electric models.

3. Get ready to use your car less, the train more.

Reducing our greenhouse gas emissions will require major changes to transportation in the United States. Millions of gas-powered cars clog the highways and commercial aircrafts continue to rank among the fastest-growing sources of carbon emissions in the U.S. What’s the solution? Trains, possibly.

A national high-speed rail system would significantly cut our carbon emissions, help reduce our dependence on fossil fuels, and possibly even help you get to work faster. Biden plans to invest in high-speed rail across the country, starting with the Northeast Corridor – great news for New York and D.C. residents that commute regularly – as well as progressing California’s high-speed rail project and possibly helping jump-start a similar program in Texas.

Faster travel-time and fewer trips to gas up the car are almost enough incentive on their own, not to mention the significant reduction in congestion and emissions. In Europe and Asia, it’s common for people to travel between cities on trains, whereas Americans are more likely to drive or fly – both of which consume vast amounts of fossil fuel by comparison.

Keeping in mind that improving American rail travel will prove a long-term project, an expanded national railway system would allow travelers to quickly travel greater distances without sacrificing cleaner air.

4. Take a hard look at your investment portfolio.

As Biden’s Climate Plan begins to pick up speed, the stock market will continue to respond in kind. The American Council on Renewable Energy continues to report confidence in the renewable energy sector over the next several years. Solar and wind have consistently been the lowest-cost zero-emission energy sources and are well-positioned for new generation going forward.

If you’re interested in gaining the competitive edge as an investor, you might want to consider clean energy exchange-traded funds (ETFs), as well as look into a growing array of clean energy bonds, as the administration plows forward with more stringent environmental policies.

President Joe Biden’s climate change plans do strive for ambitious goals – but they are well worth it. Aside from climate legislation, there are hundreds of ways each of us can help curb our carbon footprint. With tax incentives, rebates, and prioritization of policies that help make sustainable living more accessible and equitable, going green will be that much easier.

Take a moment to visualize “climate change.” If you’re imagining melting ice caps and rising sea levels, great start. Now zoom in. See the fossil-fuel industry, large-scale pollution, and deforestation. Now consider how you power your home, commute to work, and interact with your community. Yes, even you contribute to climate change.

It can be hard to visualize how climate change, and its legislation, affect our daily lives. With a new president in the White House, the United States is primed to spark a clean energy revolution. So where do you come in?

Firstly, what is Biden’s Climate Plan?

The climate change plan set forth by President Joe Biden sets out to achieve net-zero emissions in the United States by 2050. To reach that goal, every person will likely need to make changes in one way or another. The good news is that Biden’s climate change policies could help you do your part to fight climate change and may even save you some money in the process.

How do Biden’s climate change policies affect you?

Let’s take a look at four major ways that new legislation on climate change could impact you and your household:

1. Considering a new dishwasher? Make sure it’s high efficiency.

As of 2020, the Energy Information Administration states that 20% of greenhouse gas emissions in the United states come from residential energy use. If you’re a homeowner, Biden’s plan for improving household energy efficiency through “deep retrofits” could impact you directly. But what is a deep energy retrofit? Basically, it’s a detailed analysis followed by measures to reduce on-site energy consumption by at least 50%. This can include swapping a gas stove for electric, upgrading to an HE washer, and improved household weatherization. Biden’s Climate Plan specifically calls for two million homes to be weatherized over four years.

Keep an eye out for cash rebates, incentives, and accessible financing options for new electric appliances and energy-efficient windows—which also help lower energy bills.

2. It might be a good time to upgrade your vehicle.

Biden has set a goal of eliminating fossil-fuel pollution from the U.S. economy by 2050—no small task. As the plan focuses on putting more Americans into electric, zero-emissions vehicles, we may see a rise in cash rebates or tax incentives to replace gas cars.

If you’ve been eyeing a Tesla, you could be in luck. Biden plans to restore the electric vehicle tax credit, including removing the manufacturer cap on the $7,500 credit—which currently excludes Tesla and GM electric vehicles—and permanently restoring the tax credit for electric vehicles manufactured in the United States.

Biden’s Climate Plan also makes widespread electric car usage considerably more practical and feasible with the ambitious goal of deploying half a million new public charging outlets by the end of the decade.

Lastly, President Biden is open to a vehicle trade-in program offering additional incentives or rebates for trading in less efficient vehicles for new electric models.

3. Get ready to use your car less, the train more.

Reducing our greenhouse gas emissions will require major changes to transportation in the United States. Millions of gas-powered cars clog the highways and commercial aircrafts continue to rank among the fastest-growing sources of carbon emissions in the U.S. What’s the solution? Trains, possibly.

A national high-speed rail system would significantly cut our carbon emissions, help reduce our dependence on fossil fuels, and possibly even help you get to work faster. Biden plans to invest in high-speed rail across the country, starting with the Northeast Corridor – great news for New York and D.C. residents that commute regularly – as well as progressing California’s high-speed rail project and possibly helping jump-start a similar program in Texas.

Faster travel-time and fewer trips to gas up the car are almost enough incentive on their own, not to mention the significant reduction in congestion and emissions. In Europe and Asia, it’s common for people to travel between cities on trains, whereas Americans are more likely to drive or fly – both of which consume vast amounts of fossil fuel by comparison.

Keeping in mind that improving American rail travel will prove a long-term project, an expanded national railway system would allow travelers to quickly travel greater distances without sacrificing cleaner air.

4. Take a hard look at your investment portfolio.

As Biden’s Climate Plan begins to pick up speed, the stock market will continue to respond in kind. The American Council on Renewable Energy continues to report confidence in the renewable energy sector over the next several years. Solar and wind have consistently been the lowest-cost zero-emission energy sources and are well-positioned for new generation going forward.

If you’re interested in gaining the competitive edge as an investor, you might want to consider clean energy exchange-traded funds (ETFs), as well as look into a growing array of clean energy bonds, as the administration plows forward with more stringent environmental policies.

President Joe Biden’s climate change plans do strive for ambitious goals – but they are well worth it. Aside from climate legislation, there are hundreds of ways each of us can help curb our carbon footprint. With tax incentives, rebates, and prioritization of policies that help make sustainable living more accessible and equitable, going green will be that much easier.

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