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Right now, as I’ve highlighted briefly before, there’s a hot negotiation underway between almost every other Democrat in the House & Senate and two Democratic Senators — Kyrsten Sinema and Joe Manchin. Republican Party politicians are non-existent in the negotiations*, and since the US Senate is split 50–50, with Vice President Kamala Harris as the deciding vote, we need 100% of Democratic senators onboard in order to pass anything. (Fun.)

The big push right now is to deliver on Biden’s agenda, what Biden promised and what ~99% of Democrats in office (if not 100%) made promises about when they ran for office. Why that’s something that needs to be negotiated within the party may seem like a mystery, but it appears to just come down to the financial interests of Sinema and Manchin. Though, there is some misleading handwaving and muttering going on about the US budget and economy that might confuse some passersby nonetheless. So, I wanted to take a moment to put a few things into perspective, and to also highlight what is actually in the Build Back Better proposal at the moment. (Also, though, let’s be frank — there’s much more on the line than just what’s in the proposal.)

Build Back Better … Over Next 10 Years

First of all, it should be noted that the “$3.5 trillion bill” most Democrats, Biden included, are pushing for is covering a 10-year period, so the actual annual cost is $350 billion. That us half of the annual cost of U.S. defense spending. One would think that the richest nation on Earth could find some money to spend on something other than the military, right?

Even more poignantly, Bill McKibben (who I recently interviewed) highlighted that the “cost” to these investments is peanuts compared to the cost of unchecked climate change/catastrophe. It’s like saying, I don’t want to spend $1 to drive to work, so I’m just not going to work any more. Not intelligent.

But What’s In The Build Back Better Bill?

But I just fell into the same trap others in the media and politics have fallen into with this bill, focusing on the price tag of the bill rather than what’s in it. Let’s look at what 99% of Democrats are trying to get passed, what the majority of the American public has indicated it would like to see passed (large chunks of Republicans as well), and what two seemingly self-serving senators (plus the 50 on the Republican side) are blocking. Who better to explain it than a congressman who knows how to speak in plain English. But he can also start with some perspective on the price tag (I know, I know):

So, let’s recap:

  • modest but important funding to accelerate the adoption of electric vehicles, solar energy, and wind energy
  • giving Medicare the ability to negotiate drug prices so that pharmaceutical companies don’t rip them off as much
  • instituting a long-term version of the current child tax credit so that less wealthy families with young kids can afford food, housing, and a bare minimum quality of life in the richest nation on Earth (note: aside from the fact that this is just the moral thing to do, helping these families to have a basic foundation with regard to the necessities of life will make it more likely the kids will become productive members of society as they grow up)
  • not nearly as much as Europeans get (after all, “we can’t afford” to have the nice things Europeans have), but some guaranteed time off for when people have medical or family needs to take care of
  • dental and vision coverage for seniors on Medicare — because, you know, those are thing that old people may need help with, and we supposedly care for our neighbors in this country.

So, that’s some of the key stuff in this bill. You can see more here as well. How anyone can oppose this is beyond my moral comprehension. The level of selfishness and warped logic required to oppose those things are truly bewildering.

But we’re not done yet. The price tag is supposedly the concern.

How To Pay For The Build Back Better

Again, that make no sense on the surface considering that the annual federal budget is $5 trillion, meaning that $350 billion is a drop in the bucket, but there’s much more to note at all. This is not a check to an alien society on a foreign planet. The “cost” also comes with significant returns on the investment. In actuality, the economic benefit will easily surpass the cost. Here’s a partial explanation from Mr. Casten:

Difficult? No. Risky? No. Completely sensible and good for the United States? Yes!

This is simply about investing in the American people and taking care of our elderly rather than letting the 0.1% continuously explode their wealth to levels they can’t fathom and that don’t even change their lives in any notable way.

Remember, aside from 50 Republicans in the Senate (feel free to call their offices or the companies that fund them if any represent you), there are just two Democratic politicians blocking the above bill — Senator Kyrsten Sinema and Senator Joe Manchin. Contact them and let them know how you feel and how inclined you are to support them in the future. You have contact forms above, and here are the phone numbers:

*Since they have become the party of do-nothing-but-cut-taxes-on-the-richest-of-the-rich robots and authoritarian, brainwashed seditionists (which are enabled by the former). I think the former outnumber the latter, but who knows these days? Look at the detailed history of the rise of Mussolini, Hitler, and other fascist authoritarians.

Featured photo by Gage Skidmore (CC BY-SA 2.0 license)

 

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Constellation Energy to restart Three Mile Island nuclear plant, sell the power to Microsoft for AI

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Constellation Energy to restart Three Mile Island nuclear plant, sell the power to Microsoft for AI

Norma Field walks under power lines coming off of the nuclear plant on Three Mile Island (TMI), with the operational plant run by Exelon Generation, in Middletown, Pennsylvania.

Andrew Caballero-Reynolds | AFP | Getty Images

Constellation Energy plans to restart the Three Mile Island nuclear plant and will sell the power to Microsoft, demonstrating the immense power needs of the tech sector as they build out data centers to support artificial intelligence.

Constellation expects the Unit 1 reactor at Three Mile Island to come back online in 2028, subject to approval by the Nuclear Regulatory Commission, the company announced Friday.

Unit 1 ceased operations in 2019 because it could not compete economically with cheap natural gas and renewables. It is separate from the reactor that partially melted down in 1979 in the worst nuclear accident in U.S. history.

Microsoft will purchase electricity from the plant to match the energy its data centers consume with carbon-free power. Constellation described the agreement with Microsoft as the largest power purchase agreement that the nuclear plant operator has ever signed.

Constellation stock jumped nearly 7% in early trading.

Electricity demand from data centers is expected to surge in the coming decades as the tech sector ramps up artificial intelligence, threatening to strain the electric grid. Tech companies are hunting for nuclear power to meet that growing electricity demand while at the same time adhering to their climate goals.

Constellation’s announcement comes months after Amazon Web Services bought a data center campus from Talen Energy Corporation that will be powered by the Susquehanna nuclear plant, also in Pennsylvania, in a first-of-its-kind deal.

This is breaking news. Please refresh for updates.

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Wheel-E Podcast: Ride1Up Roadster V3, Talaria fire, and more

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Wheel-E Podcast: Ride1Up Roadster V3, Talaria fire, and more

This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time that includes new e-bikes from Ride1Up, new e-scooters from NIU, Ted Cruz’s war against safer e-bike batteries, Talaria MX5 fire, Gogoro’s CEO resigning, and more.

The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We also have a Patreon if you want to help us to avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the Wheel-E podcast today:

Here’s the live stream for today’s episode starting at 7:00 a.m. ET (or the video after 8:00 a.m. ET):

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Here’s how the Fed’s rate cut helps homeowners go solar

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Here's how the Fed's rate cut helps homeowners go solar

The Federal Reserve cut interest rates yesterday, and while it’s meant to support the broader economy, here’s how it helps homeowners go solar.

On Wednesday, the Fed cut interest rates by a half point, lowering the benchmark lending rate to 4.75-5.25%. Over the past few years, higher interest rates meant that financing a solar system was more expensive, which pushed out the break-even point for those investing in solar. Many homeowners and business owners became hesitant to take the plunge.

But now, the Fed’s September rate cut – combined with dropping installation costs – makes going solar even more attractive. Homeowners will see faster returns on their solar investments compared to a year ago. According to a blog by EnergySage, this 50-basis-point reduction means that a $30,000 home solar system could cost around $3,000 less over the course of a 20-year loan, thanks to reduced interest payments.

Even though solar is a solid investment in any interest-rate environment, lower rates make the math even better. As Spencer Fields, director of insights at EnergySage, puts it: “This rate cut will save solar shoppers thousands of dollars in interest over the lifetime of their solar panels. Most solar adopters finance their system with a loan, so dropping interest rates will help make solar more affordable and likely drive up demand for new commercial and residential solar installations.”

How do lower interest rates make rooftop solar cheaper?

Your savings with solar depends on several factors, including local electricity prices, how much energy you use, and state policies like net metering. But if you’re financing your system with a loan, the interest rate is a critical part of the equation.

Just like with a mortgage, the lower the interest rate, the less you pay over time. The average home solar panel system costs about $30,000, and according to EnergySage, 85% of homeowners finance their solar system. A 4.75% interest rate on a $30,000, 20-year loan would cost you around $16,500 in interest. At a 5.50% interest rate, that same loan jumps to $19,500 in interest. That’s a $3,000 difference just from the Fed’s rate cut.

And if you manage to pay off your loan in less than 10 years, the combination of the rate cut and early repayment could save you as much as $10,000 in interest for a 20-year loan.

It’s also important to consider the full cost of the loan. Fees and other charges can vary depending on your lender. That’s why it’s crucial to look at the Annual Percentage Rate (APR), not just the interest rate, as the APR gives you the full picture of your costs.

A faster payback period for solar

Solar isn’t just a green choice – it’s a smart financial move. Many homeowners pay off their solar loans in less than 10 years, which means everything after that is pure savings. If you lock in a lower interest rate, you’ll hit that payback period even faster.

EnergySage reports that the average homeowner using their Marketplace pays off their solar loan in under 10 years, even if they take out a 20-year loan. With rates down, you’ll be able to reach that milestone sooner and save even more in the long run.

Should you wait for interest rates to drop further?

There’s a lot of talk about the Fed cutting rates again by the end of the year and possibly more in 2025. But trying to time interest rate changes can be as tricky as timing the stock market. While the Fed has hinted at future rate cuts, nothing is set in stone. If inflation shifts or the job market takes an unexpected turn, the Fed could adjust its course. So while it’s tempting to wait, there’s no guarantee rates will keep falling.

Read more: Here’s how much money you’ll get with the Inflation Reduction Act


If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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