Removal of Technology-Neutral Clean Energy Tax Credits Could Cost Upwards of $336 Billion In Investment, Increase Electricity Bills 10% For Consumers

Zinovia Fragkiadaki | Source: AURORA ENERGY RESEARCH | Posted 01/06/2025

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AUSTIN, TEXAS (AURORA ENERGY RESEARCH)—Aurora Energy Research, a leading global energy market analytics provider, today released a report quantifying the potential impact of removing clean energy tax credits on investment, job growth, and retail electricity bills.

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A new analysis by Aurora Energy Research warns that removing tech-neutral tax credits could hinder clean energy deployment, potentially reducing generation capacity by 237 GW by 2040. This would be enough to power 35.7 million homes and lead to a net decrease of 97,000 energy jobs across the U.S. The impact of this change would result in increased electricity bills, with New Yorkers potentially facing a yearly increase of $468 and Texans facing an increase of $348.

The report from Aurora Energy Research discusses the potential consequences of eliminating certain incentives from the Inflation Reduction Act, estimating a significant decrease in investment, clean energy generation capacity, and job opportunities. The study points out that consumers could face a 10% increase in monthly energy bills, with some states like Texas seeing a possible 22% increase. The report calls attention to the importance of maintaining support for clean energy tax credits to promote job creation, private sector investment, and affordable energy for consumers.

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Source Link: https://auroraer.com/media/reform-to-clean-energy-tax-credits/

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Removal of Technology-Neutral Clean Energy Tax Credits Could Cost Upwards of $336 Billion In Investment, Increase Electricity Bills 10% For Consumers

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