By Rich Powell, CEBA CEO

The Clean Energy Buyers Association must express disappointment with the outcome of the U.S. Senate Finance Committee’s efforts on energy credits. The early phaseout of tax credits for solar and wind is concerning, since these are the most readily available sources of electricity and essential to winning the artificial intelligence (AI) race and meeting the needs of advanced manufacturing. Pulling back on these resources too quickly will raise electricity prices for American families across the country, reduce economic output by $31 billion, and eliminate 160,000 jobs due to higher energy costs. 

We do appreciate the committee’s efforts to balance the twin goals of ensuring U.S. taxpayers are not subsidizing Chinese manufacturers while rapidly delivering energy to an economy that is critically short of electricity at this important time. 

Preserving American energy credits is a fiscally responsible way for Congress to foster U.S. economic growth, attract private investment, expand domestic energy production, and reduce energy costs for American families and businesses. 

We urge Congress to preserve all clean energy credits to keep electricity low cost and America globally competitive.