US Senate Budget Bill Deals Major Setback to Renewable Energy

Despite removing a proposed excise tax on non-compliant solar and wind projects, the US Senate's new budget bill significantly curtails renewable energy growth, critics say. The bill phases out solar and wind tax credits after 2026 unless construction begins earlier, jeopardizing thousands of planned projects. Industry leaders warn of lost investments, rising consumer utility bills, and up to 2.3 million job losses. The bill shifts support to traditional energy, adding tax credits for coal used in steelmaking while preserving incentives for nuclear, hydrogen, geothermal, and carbon capture. Critics argue the bill prioritizes fossil fuels, undermines clean energy progress, and threatens grid stability amid rising demand from AI and data centers. Community solar developers say the bill could halt thousands of projects. While some Republican lawmakers defend it as a move toward unsubsidized energy markets, clean energy advocates urge the House to protect tax credits for solar and wind to avoid further damage.