The Biden administration’s investments in renewable energy will translate into a $38 billion decline in electricity costs for consumers within a decade, savings that consumers are “already starting to see,” U.S. Department of Energy (DOE) Deputy Secretary David Turk told the House Science, Space, and Technology Committee on June 26.
However, the DOE’s Energy Information Administration projected in May that the average consumer will pay 16.23 cents per kilowatt-hour (kWh) in 2025, the highest electricity rate level in three decades.
If consumers are seeing savings, they’re paying a dime-to-penny price for it, critics said, citing the Bureau of Labor Statistics’ annual March report documenting how U.S. electricity prices rose 3.6 percent over the previous 12 months, outpacing the nation’s overall inflation rate of 3.2 percent….