US Edition
Power prices are expected to soar under new tax cut and spending law
UNITED STATES, JUL 15 – The new law ends decades-old subsidies for wind and solar, raising electricity costs nationally by 9% to 18% and slowing renewable energy growth, especially in Republican-led states.
- On July 4, President Trump approved legislation that removes federal tax benefits for renewable energy projects involving wind and solar power throughout the United States.
- The law follows a Republican-backed shift to reduce federal support for renewable energy and expand fossil fuel and nuclear funding.
- Energy Innovation projects electricity rates will rise nationally by 9% to 18%, with Republican-led states like Oklahoma facing increases between 60% and 350%.
- Taylor Rogers, a White House spokesperson, stated that the legislation will significantly enhance energy production by improving operational efficiency and increasing domestic output, while Trump described wind and solar power as harmful to the country.
- The law is expected to reduce affordable renewable development, increase reliance on costlier fossil fuels, and worsen energy insecurity, especially for low-income households in impacted states.
13 Articles
13 Articles
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Climate Policy in America: Where We Go From Here
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Power prices are expected to soar under new tax cut and spending law
The law that President Trump signed on July 4 ending tax incentives for wind and solar projects is expected to drive up electricity bills across the U.S., with some of the sharpest increases in Republican-led states, according to Energy Innovation, a nonpartisan think tank.Without tax credits, the cost of wind and solar plants will go up. Companies are likely to respond by building fewer of those projects, and those facilities that do come onlin…
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