A new regulation from President Joe Biden’s administration could save Americans more than $100 yearly, according to a report released this week.
The Energy Department’s energy efficiency standards apply to air conditioners, dryers, refrigerators, water heaters and a host of other appliances.
Under a new rule, the typical American would save $107 in utility bills in a year, according to PIRG and the Appliance Standards Awareness Project.
Businesses would also save a collective more than $2 billion annually.
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“These updated standards will save consumers money for years to come, just by using more efficient appliances. It’s a clear win for Americans’ wallets,” Abe Scarr, energy and utilities program director for PIRG, said in a statement. “For residents and businesses across the country, the prospect of sustained annual utility bill savings is welcome news.”
Biden’s new regulations go in effect for roughly two dozen products, with the exact household utility bill savings different based on your specific state and region.
In Utah, for example, households would only save $67, while Hawaii residents would see a bill drop of $285 on average.
The savings will come to Americans whether they’re replacing a water heater, clothes dryer or some other appliance and stay with them for years to come, based on the new standards.
“Upgrading appliances is something no one is particularly excited to do because of the initial cost and manpower involved, and the same is true for government regulation on these items, which can be seen as more cumbersome than beneficial,” Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek.
“Most of these changes, however, seek to boost efficiency of existing standards, which could add up to cost savings for taxpayers over time, as well as be a boost to the environmental goals of this administration.”
There are environmental benefits as well, as researchers indicated there would be cleaner air due to less nitrogen oxide and sulfur dioxide pollution. The new changes are likely a push to meet the administration’s climate promises in addition to lowering costs for the everyday American.
“The Biden administration’s updated appliance efficiency standards will help Americans live longer, healthier lives,” Scarr said.
Newsweek reached out to the Biden administration for comment.
For residents in some states where additional credits are being offered for updating appliances to be more eco-friendly, the new revisions are coming right in time, Beene said.
“This could be just the right set of economic drivers to push some to adopting better items and standards for their homes,” Beene said.
