National electricity rates could rise between 9% to 18% by 2035
President Donald Trump’s ‘Big, Beautiful Bill’ that he signed on July 4th is ending federal tax credits for wind and solar projects.
This could raise national electricity rates between 9% to 18% by 2035, according to the think tank Energy Innovation.
How?
Cutting the clean energy tax credit will provide fewer incentives for companies making renewable projects, which often offer cheaper electricity. To match the gap, pricier natural gas would be used.
Some red states, such as Oklahoma, Kentucky, Missouri, and Kansas, could be hit hardest. Energy Innovation states that homes and businesses in these regions could see electricity rates increase by 60%–350% over the next decade.
Industry insiders warn the policy shift could derail billions in planned investment and threaten hundreds of thousands of clean energy jobs.