Lower Electric Bill Act of 2014 - Delays the implementation, administration, or enforcement of the standards for mercury and hazardous air pollutants emitted from new power plants published on February 16, 2012. (The final rule entitled, "National Emission Standards for Hazardous Air Pollutants From Coal- and Oil-Fired Electric Utility Steam Generating Units and Standards of Performance for Fossil-Fuel-Fired Electric Utility, Industrial-Commercial-Institutional, and Small Industrial-Commercial-Institutional Steam Generating Units" is delayed until the later of five years after enactment of this Act or the date on which the Environmental Protection Agency [EPA] completes a study on the economic impacts on local communities.)