Compliance with the latest round of regulations on auto emissions and power plants by the Environmental Protection Agency will cost an estimated $910 million from 2023-2042, according to the Institute for Energy Research.
Once fully implemented, the Institute found, the new regulations will increase the cost of electricity by slightly more than 1%.
Asked about why the new rules make electricity more expensive, White House National Economic Council Director Lael Brainard told Newsmax that acceptance of new provisions would actually lower the cost of electricity.
"The goal of the administration is to bring energy costs down over time and make our energy source more sustainable with lower emissions during our transition to net zero," Brainard said.
Brainard, who spoke at a Washington, D.C., press breakfast hosted by the Christian Science Monitor, said, "There's a host of provisions that — if American consumers take advantage of them — will lead to very large deductions."
The president's top economic adviser specifically named "credits [for] solar panels that will lead to hundreds of dollars for every family in saving; EV [electric vehicle] credits that will lead to hundreds of dollars for every family for years in terms of savings; [and] heat pump tax credits that will lead to those kinds of savings over that period of time."
As an alternative to compliance with the latest EPA regulations and the resulting higher cost of electricity, Brainard suggested what she called "a whole slew of incentives in the clean energy space for production and individual households."
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