Biden Administration Finalizes Expanded Clean Energy Tax Credits

New guidance extends incentives to nuclear, geothermal, and hydropower as Biden aims to secure climate policies before Trump takes office.

The Biden administration has finalized rules for clean energy tax credits under the 2022 Inflation Reduction Act, offering up to 30% credits for low-carbon electricity production and investment.
The updated guidance expands eligibility beyond wind and solar to include nuclear, geothermal, hydropower, marine energy, and other clean technologies.
Officials estimate the tax credits could save U.S. consumers up to $38 billion on electricity bills by 2030 and reduce emissions by 40% in the same timeframe.
The program is designed to meet surging electricity demand from data centers, electric vehicles, and manufacturing, while creating jobs and fostering U.S. innovation in clean energy technologies.
President-elect Donald Trump has pledged to dismantle these climate policies, favoring fossil fuel production and potentially reversing the progress outlined in the Inflation Reduction Act.