On 3 July, the House of Representatives approved the final version of a budget-killing law that is aimed at solar and wind energy in favor of fossil fuels. The bill now on the president’s office will put an end to the home credit for solar energy and add new component restrictions to large-scale projects that start construction after 2025.
There will probably be a crazy dashboard for developers to start the construction of solar projects towards the end of the year to prevent the limitations of the supply chain. Read our Q&A with a Baker Tilly tax expert about the implications of these major changes.
Abigail Ross Hopper, President and CEO of SEIA, issued the following statement in response to the passage of the bill:
“The bill that is sent to the president’s office today is an important step back for the energy economy of our nation at a time when we can afford it the least. In the light of rising energy costs, global instability and the growing demand for power, the congress has allowed the back of the new electricity capitics to the Glid’s greatg.
“America is located in the middle of energy production, with new solar and storage factories that are opened throughout the country thanks to the future-oriented policy that this law will take. Now many of these brand new factories will be forced to close and dismiss thousands of employees, that would finally have the kind of industrial revival national needs and strategic slaughter of China.
“Although this bill avoided some very harmful provisions, it is deeply disappointing to see that part-time politics outweighs the practical pro-growth solutions that all Americans serve. Solar and storage are the best bet of America to lower energy costs, to build long-term energy silence.
“Regardless of what happens in Washington in the coming months and years, the markets will continue to stimulate the results. The solar and storage industry is resilient and SEIA will continue to fight every day for smart, stable, commercial policy that delivers authentic and real American energy independence,” she continued.
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