The Solar Energy Industries Association released an assessment of how the budget reconciliation bill currently under review in Congress would have a negative impact on the economy. The legislation cuts incentives around solar power investment and adoption, such as the Section 25D residential tax credit.
The group’s analysis found that the bill, as it stands, would lead to the loss of nearly 300,000 current and future jobs in the US. It also said removal of incentives could mean a loss of $220 billion in investment in the sector by 2030. It also pointed to a future energy shortage, claiming that solar was on course to be responsible for about 73 percent of the 206.5 GW of new energy capacity needed in the country by 2030.
“Passing this bill would create a catastrophic energy shortfall, cede AI and tech leadership to China, and damage some of the most vital sectors of the U.S. economy,” SEIA President and CEO Abigail Ross Hopper said.
It’s the type of reaction we expect to see when an industry is under threat from federal action. It’s also the type of researched data that doesn’t seem to have much influence on the current administration, particularly when it comes to the environment and sustainability.