Trump, for his part, called on the Senate to pass what he calls the “one, big, beautiful bill” as soon as possible. “There is no time to waste,” the president said on his social media platform Truth Social Thursday.
Companies have invested more than $161 billion in large solar and battery storage projects since the IRA passed in 2022, according to the Massachusetts Institute of Technology and the Rhodium Group.
Solar and battery storage is the fastest growing energy source in the U.S., making up 81% of expected power additions to the grid in 2025, according to the Energy Information Administration.
But the tax bill would basically kill the two tax credits that have done the most to enable the surge of solar power. It terminates the investment and electricity production credits for clean energy facilities that begin construction 60 days after the legislation is enacted or enter service after 2028. This also applies to wind power, which is growing at slower place in the U.S.