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9h ago

Senate GOP Bill Phases Out Solar and Wind Tax Credits by 2028

Senators seek to pass the bill before July 4 with the solar industry warning of widespread job losses as market turmoil looms

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FILE: Workers install solar panels at the Port of Los Angeles on April 21, 2023.
The next step in the fight for venture equality? Senates.
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Overview

  • The legislation would reduce utility-scale solar and wind credits to 60% in 2026 and 20% in 2027 before ending them in 2028.
  • The 30% investment tax credit for home solar and battery installations is set to expire 180 days after the bill’s enactment.
  • Tax incentives for nuclear, hydropower and geothermal projects are preserved through 2036, shifting support away from wind and solar.
  • Shares of Sunrun, SolarEdge and Enphase Energy dropped more than 20% in premarket trading on news of the proposed phase-outs.
  • Lawmakers can still amend the plan before a Senate vote and will reconcile differences with the House ahead of the July 4 target.