Republican attempt to repeal US Inflation Reduction Act ‘threatens economy, jobs and investment’

By Cameron Murray
Facebook
Twitter
LinkedIn
Reddit
Email

Clean energy trade bodies ACP, ACORE and SEIA have denounced an attempt by Republicans to roll back the Act, which has spurred unprecedented investment in the US market.

House Bill ‘H.R.2811 – Limit, Save, Grow Act of 2023′, put forward by Republican Representatives passed in the House yesterday (26 April). It would significantly scale back the the federal support for renewable energy and energy storage enabled by the Inflation Reduction Act (IRA), which came into law this year, as well as other non-energy federal financial support schemes.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

“This bill increases the federal debt limit and decreases spending. It also repeals several energy tax credits, modifies the permitting process and other requirements for energy projects, expands work requirements for the Supplemental Nutrition Assistance Program (SNAP) and other programs, and nullifies regulations for the cancellation of federal student loan debt,” the Bill reads.

The Bill “…repeals or modifies tax credits for renewable and clean energy, energy efficient property, alternative fuels, and electric vehicles”.

Clean energy trade bodies have been quick to slam the move, pointing out that the Inflation Reduction Act (IRA) has spurred billions in investment and created thousands of high-paying jobs since it was announced.

The Solar Energy Industries Association (SEIA) pointed out that new solar module manufacturing investment announcements since the Act would bring the US’ capacity to 47GW a year, and cautioned strongly against rolling it back.

“Repealing the IRA will stop this investment in its tracks, pulling the rug out from under the communities that are counting on these factory jobs,” it said.

“Playing games with the debt limit has very real consequences for businesses, workers and the entire economy. The IRA is expected to create an additional 200,000 jobs and US$600 billion in private investment in the solar industry alone over the next decade. Companies need to trust that the policy landscape will remain stable in order to put forward this level of capital, and it’s up to responsible lawmakers to ensure that certainty remains.”

To read the full version of this story including analysis and further comment visit Energy-Storage.news.

8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.

Read Next

May 28, 2024
The European Council has adopted the EU’s Net-Zero Industry Act as the EU looks to bolster its clean energy manufacturing industries.
May 24, 2024
Waaree Energies has signed an agreement to supply 445MW of modules to Statkraft India for a project in Bikaner, Rajasthan.
Premium
May 22, 2024
The global price of silver has continued to rise, with the average price increasing to RMB8,211/kilogram (US$32.03/ounce), a historical high.
May 17, 2024
Currently, over 50% of US solar installations, including residential, C&I and large scale ground mounted solar, have come online since 2020.
May 16, 2024
US solar cell and module manufacturer Silfab Solar has completed a tax credit transfer deal with energy software company Schneider Electric.
May 15, 2024
Carbon plans to launch the first part of its module production facility in autumn 2025, ahead of a ramp up to an annual cell capacity of 5GW.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
May 29, 2024
11am (EDT) / 5pm (CEST)
Solar Media Events
June 4, 2024
London, UK
Upcoming Webinars
June 11, 2024
3:00 PM (BST) / 4:00 PM (CEST)
Solar Media Events
July 2, 2024
Athens, Greece