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Senate bill hastens end of wind, solar tax credits and imposes new tax

UNITED STATES, JUN 28 – The Senate bill phases out tax credits for solar and wind by 2027 and imposes a new tax on projects using Chinese components, risking loss of 794 clean energy projects, analysts say.

  • 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.
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Bloomberg broke the news in United States on Saturday, June 28, 2025.
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