The Biden administration is deploying roughly $85 million to boost production of a green appliance despite plummeting consumer demand, according to a Wednesday press release from the U.S. Department of Energy (DOE).
The White House on Wednesday announced nearly $85 million in grants for four producers of electric heat pumps, the DOE wrote in a statement. The announcement comes despite cratering demand for the electric appliance, with total U.S. shipments of the product falling 16 percent in 2023 despite the federal tax credit being raised from $300 to $2,000 in January 2023, according to a study from the University of California Berkeley’s Haas School of Business.
Read More