U.S. Congress Slashes Support For Renewables And EVs

14 Nov 2017   Congress, Renewables

Take the ongoing soap opera of who in the energy sector is likely to gain or lose benefits from the current Congressional tax plan. While retaining at least $15 billion in tax subsidies for fossil fuel producers (coal, crude oil, natural gas), the House of Representatives plan would slash support for both renewables and the electric car industry. The primary move criticized by both the renewable community and environmentalists are the proposed changes to the renewable electricity production tax credit (PTC). This credit provides benefits to generation of wind, solar, geothermal, and other types of renewable energy. Now, the PTC is already scheduled to be phased out in three years (by 2020). Both wind and solar energy producers have been factoring this into forward guidance as more cost savings are introduced into the renewable sector. But the House tax plan would accelerate the cut by more than a third. […]

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