Green Energy

The American clean power industry is thriving and making a significant contribution to the U.S. economy thanks to policies of the Biden-Harris administration, as well as the highly competitive prices and speed with which clean power systems and energy storage can be currently installed. But the industry is now facing an all-out assault from President Donald Trump.

His signature “One Big Beautiful Bill Act,” which Trump signed into law on July 4, heavily targets the industry, which Trump has labeled the “green new scam.” The legislation eliminates a 30 percent tax credit for residential rooftop solar panels by the end of 2025, as well as those dedicated to utility-scale solar and wind, although plants that are already financed and approved by June 2026 — or that are operational by 2027 — can still qualify for the credits. (The credit for solar leasing companies will also last through 2027 and can be passed through to consumers.) The bill also eliminates tax credits for electric vehicles and chargers, as well as battery storage systems, geothermal heating, electric panel upgrades, energy audits and weatherization, all of which can lower consumer’s energy bills.

In a last minute move, however, Republicans struck a proposed excise tax on wind and solar projects if the materials included a percentage of minerals sourced from certain foreign countries. Experts say that, regardless of the excise tax reprieve and the included grandfather provisions, the clean energy industry will be badly hurt and consumers’ energy prices could rise by eight to 10 percent.