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Electrification

Electrify Everything!

The United States supercharged electrification policy in 2021 as policymakers, utilities, and corporations tapped fast-falling technology costs to expand electrified transportation and appliance options for consumers. The policy opens up an investment opportunity with an over $20 billion input from the government to the Industry.

“Electrifying everything” by replacing fossil fueled buildings, vehicles, and industries with technologies that run on clean electricity is the key to cutting greenhouse gas emissions and reducing air pollution from three of the hardest to decarbonize economic sectors. It’s also a smart way to avoid locking in even more emissions and protect consumers from volatile fossil fuel prices.

Because every new fossil-fueled vehicle, appliance, or industrial process locks in emissions for decades, the transition to clean electrified technologies must happen as rapidly as possible in order to reach federal and state emissions reduction targets that avoid an even more perilous climate future.

“Across all levels of government, in corporate boardrooms, and around our kitchen tables, we saw bold actions to electrify our economy and accelerate economy-wide decarbonization within this decade.”

Sara Baldwin, Director of Electrification Policy at Energy Innovation

Federal investments BBBA Utilities Network

The Infrastructure Investment and Jobs Act (IIJA), which passed Congress and was signed into law by President Biden this November, made landmark transportation and building electrification investments. IIJA dedicated $7.5 billion to build a national electric vehicle (EV) charging station network that prioritizes projects in rural areas, low- and moderate-income neighborhoods, and communities with high ratios of multi-unit housing. The bill also authorizes $5 billion to purchase electric school and public transportation buses, $3 billion to expand domestic battery manufacturing and recycling facilities while researching using used EV batteries for grid energy storage, and more than $4.5 billion in energy efficiency funding for homes, schools, and communities.

President Biden’s proposed Build Back Better Act (BBBA), which has passed the House of Representatives and is pending a Senate vote, could further transform the market for electrification technologies and generate hundreds of thousands of jobs across the country.

Investing in EV charging is a forward-looking business move for utilities, which have seen years of flat or slowly-growing electricity demand. EEI expects the number of EVs on U.S. roads to grow from 2 million in 2020 to at least 20 million by 2030—meaning millions of new customers plugging in every year. Utility expertise on charging locations will uniquely complement the White House’s newly released EV Charging Action Plan, which mobilizes federal dollars to support a robust EV charging network.

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