Impact of 'Big Beautiful Bill' on Clean Energy Tax Credits

As Republicans in Congress push forward with a tax and spending cut bill, a North Carolina renewable energy executive warned his employees about deep cuts to clean energy tax credits. The bill aims to eliminate a 30% tax credit for rooftop residential solar by the end of the year, impacting jobs and growth in the sector. President Trump has criticized these tax credits as part of a 'green new scam' that benefits wind and solar energy.

Businesses and analysts fear that the bill will reverse the sector's growth and lead to job losses. Companies in North Carolina have invested over $20 billion in clean energy in recent years. Efforts to lobby for changes in the bill were made, but the bill still threatens the industry.

One CEO, Will Etheridge of Southern Energy Management, predicts layoffs due to the elimination of tax credits. He expressed disappointment in the bill and plans to diversify his business to cope with the changes. Experts warn of postponed or canceled clean energy investments across the country.

The bill passed by the Senate eases the impact on commercial projects but harms residential projects. Business owners like Karl Stupka of NC Solar Now fear layoffs and job losses if the bill becomes law. The industry anticipates a significant negative impact if the bill is enacted.

According to the source: AP News.