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

  • The Senate voted Tuesday to pass an amended Republican budget megabill that significantly curtails clean energy tax credits.
  • The Senate bill, driven by Trump's fossil fuel agenda, rolls back clean energy incentives and imposes a new tax on projects using Chinese components.
  • Analysis by Cleanview indicates new capacity would be reduced to just over 14 GW, threatening to eliminate approximately 500 GW of future energy generation potential.
  • Following the Senate vote, NABTU warns of job losses and higher bills, with North Carolina facing a ~20% increase in electricity costs over five years.
  • In the long run, BloombergNEF projects a decline in renewable capacity after 2029 and an increase of 3.8 million tons of carbon emissions by 2050 due to the bill's restrictions.
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Bloomberg broke the news in United States on Saturday, June 28, 2025.
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