ICYMI: NYT: Many Hoped Senate Republicans Would Save Clean Energy. They Mostly Didn’t.

Washington, D.C. – The New York Times reported how the latest reconciliation bill proposal from Senate Republicans will gut clean energy manufacturing and raise energy costs for American families. 

The New York Times: Many Hoped Senate Republicans Would Save Clean Energy. They Mostly Didn’t.

“Climate advocates, Democrats, and even some House Republicans who last month had supported a tax package that gutted federal support for clean energy were hoping the Senate would make fixes to protect energy manufacturing and jobs.

“But on Monday, Senate Republicans disappointed them, proposing to quickly end most tax breaks for wind and solar power, electric vehicles and other clean energy.

“Draft legislation released by the Senate Finance Committee would terminate or scale back most of the major tax incentives for clean energy contained in the Inflation Reduction Act of 2022, the Biden administration’s signature climate law.

“The plan would eliminate within six months a $7,500 consumer tax credit for purchases of electric vehicles as well as home energy rebates for things like electric heat pumps and induction stoves. A tax credit for homeowners who install solar panels on rooftops would end within 180 days. A subsidy for making hydrogen fuels would expire this year.

“Federal tax credits for wind and solar power, which have been in place for decades but were made more lucrative under the Inflation Reduction Act, would be rapidly phased out. Wind and solar companies could qualify for the full tax break only if they began construction in the next six months. They would receive 60 percent of the tax break if they began construction in 2026, and 20 percent of the tax credit if they began construction in 2027. Projects built after that would get nothing…

“But the phaseout is quicker than many clean-energy supporters had hoped for, and some analysts had warned that pulling support for wind and solar power could cause electricity prices to rise in the coming years.”