A massive tax and spending cut bill advanced by Republicans in Congress threatens to devastate the solar industry, with deep cuts to clean energy tax credits expected. The bill would kill a 30% tax credit for rooftop residential solar by the end of the year, reversing the sector’s growth and eliminating jobs.
Industry experts warn that companies like Southern Energy Management, which employs 190 people in North Carolina, will be severely impacted. CEO Will Etheridge has already announced plans to lay off 50-55 workers due to the loss of tax credits.
The Republican-backed bill aims to phase out tax credits for utility-scale solar and wind projects, but it would happen sooner for residential solar. Companies have invested over $20 billion in clean energy initiatives in North Carolina, and the industry is bracing for a significant hit.
Analysts say the sector’s growth will reverse, and jobs will be lost. “The residential solar industry is going to be absolutely creamed by this,” said Bob Keefe, executive director of E2, a business group advocating for pro-environment policies.
The bill has already caused concerns among clean energy companies, with over $14 billion in investments postponed or cancelled this year. Industry leaders warn that the impact will be felt beyond just job losses, causing a “severe shock wave” through the industry.
Source: https://apnews.com/article/clean-energy-residential-solar-big-beautiful-bill-07dd482926ee2d45a019ce2b6e636c7d