Act Now: Safeguard Clean-Energy Tax Credits
TL/DR –
Countries worldwide are investing in clean-tech products like solar panels, batteries, and electric vehicles, with the U.S. leading the tech industry and China rapidly catching up. The U.S. passed the Inflation Reduction Act in 2022 which helped support clean-energy corporations, but the U.S. House recently voted to cut the tax credits. The writer urges readers to contact their Senators to protect these tax credits, thereby supporting the U.S. leadership in clean-tech products.
Global Investment in Clean-Tech Products On The Rise
Countries worldwide are heavily investing in clean-tech products, such as solar panels, batteries, and electric vehicles (EVs).
U.S. as a Leader in Clean Technology
As a long-standing tech leader, the U.S. pioneered the successful creation of EVs and associated batteries with a government loan in 2010. The U.S. even saw President Trump becoming an owner of a Tesla Model S.
China’s Rapid Progress in Clean Technology
However, China, our main economic rival, is fast catching up. Propelled by early financing for solar panels and battery development, China has introduced high-demand clean-tech products and significantly improved their EVs.
China’s Energy Generation
China leads in solar/wind energy generation, contributing 26% of their electric power. They are gradually phasing out coal due to its high costs and pollution contributions.
Impact of Inflation Reduction Act (IRA) on U.S. Clean Energy
In 2022, the U.S. enacted the Inflation Reduction Act (IRA), greatly benefiting GOP-held districts by directing 78% of funding towards clean energy and manufacturing facilities
Threat to IRA-Clean-Energy Tax Credits
The U.S. House recently voted to reduce these tax credits by a slim margin, a decision the Senate can rectify. Citizens are urged to contact Sens. Daines and Sheehy to protect these tax credits ensuring U.S. leadership in clean-tech products.
—
Read More US Economic News