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Megabill’s Elimination of Tax Credits for Clean Energy Projects Could Cost WA $8.7 Billion

UNITED STATES, JUL 7 – The legislation ends electric vehicle tax credits and phases out renewable energy incentives, risking 770,000 jobs by 2030 and increasing household energy costs, according to the Clean Air Council.

  • On July 4, 2025, President Donald Trump signed the One Big Beautiful Bill Act, rolling back key clean energy incentives from the Inflation Reduction Act.
  • On July 4, 2025, Trump signed the bill reversing clean energy incentives, reflecting his pledge to support fossil fuels and align with Republican priorities for nuclear and coal sectors.
  • Following the signing, clean energy advocates warn that investment delays and job losses could reach thousands as most incentives end by 2028.
  • Experts warn that many new factories may shut down, thousands could lose jobs, and the U.S. will remain heavily reliant on fossil fuels as electricity demand is projected to increase by 50% by 2040.
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RealClearMarkets broke the news in on Monday, July 7, 2025.
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