US Govt. makes $500 Million available for electrifying school buses
Recently, the Biden-Harris Administration of the United States of America announced $500 million to be available for school districts and other eligible school bus operators to begin replacing the nation's fleet of school buses with clean, American-made, zero-emission buses. The investment will also drive demand for locally-made batteries and electric vehicles.
Under a New U.S. Environmental Protection Agency (EPA) Program to protect children's health, reduce pollution, and boost local manufacturing, this $500 million represents the first round of funding out of the unprecedented $5 billion investment for low and zero-emission school buses over the next five years.
"This historic investment under President Biden's Bipartisan Infrastructure Law will forever transform school bus fleets across the United States," said EPA Administrator Michael S. Regan. "These funding opportunities to replace older, heavily-polluting buses will result in healthier air for many of the 25 million American children who rely on school buses, many of whom live in overburdened and underserved communities. Today we take a major step toward a future where clean, zero-emissions school buses are the American standard."
In addition to emission reduction and improved air quality and public health, electric buses are heralded in the US for additional reasons. For instance, electricity stored in zero-emission school buses can transmit energy back to the grid to meet extra energy demand or provide energy to communities during power outages.
"Every dollar we invest in clean school buses means cleaner air, healthier students, and a brighter future for our nation. That's exactly why we fought to include historic funding for electric and other zero-emitting clean school buses in the Bipartisan Infrastructure Law, targeting schools that serve our most vulnerable children," said Senate Environment and Public Works Chairman Tom Carper.
Kathy Castor, Chair - House Select Committee on the Climate Crisis, noted, "Electrifying medium- and heavy-duty vehicles also is a key strategy to reduce transportation costs, improve quality of life in communities, protect public health, and tackle the climate crisis".
According to P&S Intelligence, the electric bus market value in the country is predicted to surge from an estimated $490.6 million in 2021 to $1,924.8 million by 2026, and likely to post a CAGR of 31.4 percent from 2021 to 2026.
