The budget bill signed by President Trump is projected to increase average household energy costs by $78 to $192 by 2035, influenced by reduced electric vehicle sales and higher gasoline prices. There is an anticipated 57-62 percent decrease in the installation of new clean electricity projects like wind and solar over the next decade, contributing to increased greenhouse gas emissions. The updated projections suggest a reduction of U.S. emissions to 27-44 percent below 2005 levels by 2035, down from previous estimates of 38-56 percent.
Rhodium predicts average household energy expenditures will increase between $78-$192 by 2035, largely due to fewer electric vehicles on the road and consumers paying more for gasoline.
Installations of new clean electricity projects, such as wind and solar, are expected to fall 57-62 percent over the next decade, leading to increased greenhouse gas emissions.
Rhodium now thinks the U.S. is on pace to reduce emissions 27-44 percent below 2005 levels, a significant drop from earlier predictions.
"This has a meaningful slowing effect on the deployment of clean technology across the economy," said Ben King, highlighting the impact of the recent budget bill.
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