White House to offer $13.5B funding to assist households with energy bills

Date: 2022-11-04   Author: Pankaj Singh  Category: #news

White House to offer $13.5B funding to assist households with energy bills

As per a statement issued by the White House recently, President Joe Biden's administration will make $13.5 billion in funding available to assist low-income U.S. households in lowering their heating costs this winter.

Under this initiative, the U.S. Department of Health and Human Services will be offering $4.5 billion in LIHEAP (low-income Home Energy Assistance Program) funding, according to the statement.

As projected by the U.S. Energy Information Administration (EIA) in its winter fuels outlook in October, U.S. consumers may be required to pay over 28% to heat their homes this winter as compared to last year, owing to the rising fuel costs and colder weather. 

Notably, this new funding will aid Americans with unpaid utility bills, heating costs, and repairs of home energy appliances to assist them in mitigating their energy costs said the White House.

It has also been reported that almost 90% of U.S. households depend on natural gas or electricity for heat, while the rest use heating oil, wood, or propane for heat.

NEADA Executive Director, Mark Wolfe mentioned that the increased home energy costs would put over a million lower-income families at risk of being unable to pay their energy bills and cutting costs on paying for food, medicine, and rent.

As per a recent forecast by EIA, the average household will be spending $931 for gas heat and almost $1,359 for electric heat this winter. Compared to last year, this will be a 28% increase for gas and 10% for electricity.

The forecast further mentions that the homes using heating oil will be spending around $2,354 for heat this winter, up by 27% from last year, whereas propane users will be spending $1,668, a 5% rise in cost as compared to last year.

Despite the rise in costs, gas is expected to remain the cheapest source of heat in the nation.

Source credit - https://www.moneycontrol.com/news/world/white-house-announces-13-5-billion-funding-to-help-households-with-energy-bills-9440151.html

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Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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