US EditionSenate bill hastens end of wind, solar tax credits and imposes new tax
UNITED STATES, JUN 28 – The bill would cut clean energy capacity growth by over 72% by 2035 and impose new taxes targeting projects with Chinese ownership, raising concerns over job losses and higher energy costs.
- The Senate passed an amended GOP budget megabill curtailing clean energy tax credits and sent it back to the House for potential signature by Friday.
- The Senate reconciliation bill aims to accelerate the phase-out of wind and solar tax credits, introducing a new excise tax on projects sourcing materials from U.S.-designated adversaries like China.
- Rhodium Group estimates over 72% reduction in new clean energy capacity, with solar paying 50% and wind 30% excise taxes on material overages.
- The bill's phase-outs will raise utility bills by hundreds annually, burdening households, especially Florida families already facing rising costs.
- The bill's long-term impact may reduce U.S. competitiveness, as Biden-era credits could have added up to 1,100 GW of clean power by 2035, but the legislation hampers industry growth.
108 Articles
108 Articles
Trump bill could increase energy costs, stymies renewables - The Martha's Vineyard Times
Homeowners on the Vineyard will likely face increased energy bills after President Trump’s massive new federal tax and spending bill terminated tax credits for wind and solar projects years earlier than planned, slowing the development of offshore wind, and possibly shrinking the number of solar energy installations, experts said. Combined with the temporary pause to offshore wind leasing, projects not already in the process toward construction…
Trump's Legislation Will Constrict the Growth of Texas’ Clean Energy Industry and its Power Grid - Inside Climate News
Solar energy now makes up almost 20 percent of the grid’s capacity and 40 percent of new gigawatts in line for interconnection, with power demands surging.By Arcelia MartinProvisions in President Trump’s One Big Beautiful Bill Act phasing out tax breaks for solar and wind projects would stunt such development in Texas and make these renewable energy sources more expensive, industry representatives and energy experts said Wednesday.
Senator sounds alarm over secretive tax change discovered last minute in 'Big Beautiful Bill': 'It will create uncertainty and freeze the markets'
Lawmakers and business leaders spoke out after potentially devastating new provisions to hobble clean energy efforts on two fronts were quietly slipped into a sweeping "megabill" — and strangely, Senators from both sides of the aisle claimed ignorance about the origins. What's happening? In mid-May, the "One Big Beautiful Bill Act" was introduced in the House of Representatives and has since meandered through both chambers of Congress, with lawm…
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