The "Lowering Energy Costs through Grid Modernization Act" seeks to accelerate the modernization of the national electric grid by promoting the use of advanced conductors . These conductors are defined by their superior energy carrying capacity, lower electrical resistance, and reduced thermal sag compared to traditional options. The bill specifically targets reconductoring projects , which involve replacing existing conductors with advanced ones within existing rights-of-way, and right-of-way optimization projects , focusing on upgrades using advanced conductors within established corridors. To encourage these improvements, the bill allows transmission providers to conduct transmission modernization studies during their planning processes. These studies are designed to evaluate the economic and grid reliability benefits of such projects, including their impact on congestion, capacity, and resilience to natural hazards. Additionally, the Secretary of Energy is authorized to publish aggregated performance data and maintain a public listing of these projects to share insights without identifying specific facilities. A key provision of the bill streamlines the environmental review process by designating federal permits for qualifying reconductoring and right-of-way optimization projects as a categorical exclusion under the National Environmental Policy Act (NEPA), unless extraordinary circumstances apply. Furthermore, the legislation amends the Internal Revenue Code to include high-performance transmission property in the Clean Electricity Investment Credit. This provides a tax credit, with varying percentages, for property used in these modernization projects, while excluding those involving material assistance from prohibited foreign entities.