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Yahoo
04-05-2025
- Business
- Yahoo
3 Ways New Tariffs Could Increase Your Utility Bills
Conversations on President Trump's tariff actions generally focus on how they will influence the pricing of consumer goods. Unfortunately, utility prices could also increase for many Americans. Read More: Find Out: Nearly 80% of people polled fear tariffs will increase utility costs, according to a recent survey from Payless Power. Worse yet, nearly two-thirds (64%) of people polled fear rising energy costs will make it challenging to pay their monthly bills. Here are three ways Trump's tariffs could drive up utility bills for many Americans. Americans are paying more for their electricity bills. Over 60% of Americans are paying more for their electricity compared to last year, according to a recent survey by PowerLines and Ipsos. The survey revealed that more people plan to pay more this year. Tariffs are the main cause of increasing prices on various fronts. These include increased duties on solar panels to parts needed to construct wind turbines. A turbine, for example, requires parts from numerous international sources. 'A turbine consists of thousands of subcomponents,' said Endri Lico, an analyst at the consulting firm Wood Mackenzie, as he explained the problem to the New York Times. The article stated that Lico estimated that in 2023, the United States imported about $1.7 billion of wind-related components, mainly from Europe, Mexico, Vietnam and India. The increase in cost to import or manufacture may directly increase the pricing of electricity for Americans. If Canada issues retaliatory tariffs, that could also influence pricing on electricity. Discover Next: Many Americans may not be concerned about heating bills currently, as we're past winter. Unfortunately, for those currently needing to heat their homes, it's fair to expect tariffs to increase bills. The same could be true as we approach fall and winter later in the year. Natural gas is used to heat many homes, and 9% of U.S. natural gas supplies are imported from Canada, according to the American Gas Association. The Association reported that it could cause Americans to pay an additional $1.1 billion, at a minimum, annually in costs. This is also not to mention the increased tariffs on steel or aluminum used to construct power plants or pipelines. Americans could expect heightened pricing from this as well. While it may seem odd on the surface, Americans should anticipate paying more for their water bills. Water bills have been problematic of late, with monthly water payments increasing by 7.1% year-over-year, according to Bank of America. This increase isn't due to tariffs; extra duties could intensify the pain for many Americans. However, the United States uses a lot of chemicals to treat water, which could directly influence water bills. 'A lot of the chemicals that are used in the water treatment process come from outside of the United States. With the uncertainty about tariffs, those could have a downstream increase on our costs,' explained Tricia Anklan, partner at West Monroe a water utilities and electronic consulting firm, to Yahoo Finance. Heating that water could also become more expensive thanks to tariffs on steel, which is a key component of water heaters. There's no telling how long the pain will last for Americans struggling to pay utility bills. Budgetary stress could linger as long as heightened tariffs and retaliatory tariffs stay in place. More From GOBankingRates 6 Used Luxury SUVs That Are a Good Investment for Retirees How Far $750K Plus Social Security Goes in Retirement in Every US Region 7 Overpriced Grocery Items Frugal People Should Quit Buying in 2025 12 SUVs With the Most Reliable Engines Sources: Payless Power, 'Tariff Anxiety: Could Trade Policies Push Energy Bills Higher' PowerLines and Ipsos, 'Most Americans report higher electricity, gas bills compared to a year ago' Endri Lico/The New York Times, 'Tariffs Are Likely to Hit U.S. Renewable Energy' American Gas Association, 'American Gas Association Statement on President Trump's Upcoming Address to Congress ' Bank of America, 'Hard Water Bills' Tricia Anklan/Yahoo Finance, 'Why your water bill is an inflation problem that isn't budging' This article originally appeared on 3 Ways New Tariffs Could Increase Your Utility Bills
Yahoo
04-04-2025
- Automotive
- Yahoo
What Trump's tariffs mean for the energy transition
This analysis and news roundup comes from the Canary Media Weekly newsletter. Sign up to get it every Friday. On Wednesday, President Trump unveiled a suite of new tariffs that target pretty much every country and territory in the world — including some where nobody even lives. The full extent of the tariffs' reach remains unclear, but wind developers, solar manufacturers, tech companies, automakers, and even fossil-fuel producers are already sweating. The wind industry, already suffering under the Trump administration, is likely to face further setbacks. Wind turbines rely on components from around the world, even if they're usually assembled in the U.S. The same is true for solar panels and batteries. Endri Lico, an analyst at Wood Mackenzie, told The New York Times that a 25% tariff on imports could raise the cost of building onshore wind turbines by 10% and renewable energy overall by 7% — and many of Trump's tariffs exceed that 25% threshold. Higher clean energy costs will pose a big challenge for tech companies looking to expand energy-hungry data centers to power AI, Semafor reports. Renewables are the cheapest, quickest way to add new power to the grid, especially amid yearslong waits for new gas turbines. The EV industry is also at risk. Most auto factories being built in the U.S. are focused on EVs and batteries, but they still rely on foreign metals and materials. Manufacturers and dealers fear sticker prices on cars could rise as much as $10,000 under the tariffs, Politico reports, exacerbating one of the biggest deterrents to EV adoption: high up-front costs. The White House exempted imports of oil, gas, and refined products from the tariffs, alleviating fears for refiners that rely on crude oil imports. But oil prices still plunged Thursday morning, as investors worry the tariffs will slow economic growth and lower fuel demand around the world. The potential slump in overall economic activity could result in one climate upside: a drop in emissions. 'In the short-term, any decline is likely to have a positive impact on emissions reduction,' writes finance professor Rakesh Gupta in The Conversation. 'We saw this effect during the COVID-19 pandemic, when global production and trade fell.' But longer-term progress on U.S. clean energy manufacturing and deployment will likely stall if the announced tariffs hold, with implications that go far beyond decarbonization. Here's how Vanessa Sciarra, vice president of trade and international competitiveness for American Clean Power, put it in a Thursday statement: 'The policy whiplash from these tariffs will ultimately undermine the ability to realize a domestic supply chain and will constrain efforts to deliver energy security and reliability for Americans.' Illinois pushes for stronger vehicle emissions rules, despite House threats Illinois advocates are pushing their state to embrace California's nation-leading vehicle emissions standards, Canary Media's Kari Lydersen reports — even as President Trump and House Republicans threaten to eliminate the rules. Sixteen states and D.C. have adopted California's zero-emission vehicle rules, and 10 have followed its Advanced Clean Trucks regulations. But to be enforceable, those rules needed a waiver from the U.S. EPA. President Trump has called for 'terminating' those waivers. On Thursday, House Republicans introduced legislation that would roll the waivers back, even though the nation's top legislative auditor ruled that they aren't subject to congressional review. Crushing the rules would be a setback not only for efforts to decarbonize transportation but to clean up local air quality, too. Illinois advocates said a key reason they're pushing these rules is to rid places like Joliet and Chicago's Little Village neighborhood of the air pollution caused by diesel trucking. Offshore wind's future keeps getting murkier It was another bad week for offshore wind. Contract negotiations for the SouthCoast Wind project, planned for off Massachusetts' coast, were delayed for a third time. And the developer of Maine's first offshore wind array paused the floating project, citing industry uncertainty. More setbacks could be on the way. Last month, the U.S. EPA revoked a permit for the Atlantic Shores development off the New Jersey coast — essentially delaying the project for years given the Trump administration's pause on new offshore wind permitting. Wind opponents could take advantage of the Republican-run EPA to get more projects canceled, with some anti-wind groups telling Canary Media's Clare Fieseler that agency head Lee Zeldin may be sympathetic to their cause. Tesla's sales slump: Chinese EV giant BYD's sales grew 60% in the first quarter as it makes inroads beyond its home country, while Tesla's global deliveries fell 13% over the same period amid consumer backlash against Elon Musk. (CNN, New York Times) Home energy assistance gutted: The Trump administration fires the entire staff in charge of administering the Low Income Home Energy Assistance Program, which provides roughly $4 billion annually to help families cover home heating and cooling costs. (Latitude Media) Cleaning up landfills: In the absence of federal action on curbing landfill methane emissions — the U.S.'s third-largest source of methane pollution — Colorado, Michigan, and other states are stepping up with their own plans. (Canary Media) Grading the grid: The American Society of Civil Engineers grades the U.S. electric grid a D+, down from the C- it got in 2021, amid a shortage of transformers, increase in severe weather, and lack of transmission capacity. (Utility Dive) Congress' rare climate win: The U.S. House overwhelmingly passes a bipartisan bill that would juice development and deployment of clean building materials — a rare win for emissions reduction efforts in Republican-held Congress. (Canary Media) EV factories falter: More EV and battery factories were canceled in the first quarter of 2025 than were in the past two years combined, according to new data from Atlas Public Policy. (Washington Post) Reduce, reuse … reconsider? Battery recycling company Li-Cycle, which last year received a $475 million federal loan to build a factory in New York, announces it could go out of business and doesn't have enough money to meet the requirements to access the loan. (E&E News) DOGE cuts catch on: Republican-led states look to mirror the federal Department of Government Efficiency's approach to funding cuts, including by slashing regulators that oversee the oil and gas industry. (E&E News)
