Power prices are expected to soar under new tax cut and spending law
Summary
President Trump signed a law on July 4 that removes tax benefits for wind and solar energy projects. This is expected to increase electricity bills across the U.S., especially in states without their own renewable energy policies.Key Facts
- The new law ends tax incentives for wind and solar energy projects.
- Energy Innovation, a think tank, predicts higher electricity bills in the U.S.
- States without renewable energy policies, like Oklahoma, may see significant rate hikes.
- Oklahoma's electricity rates could increase by 60% to 350% over the next decade.
- Kentucky, Missouri, and Kansas may also face electricity rate increases of 48%, 39%, and 30%, respectively.
- The law will likely cause a shift to more natural gas electricity production, which is costlier.
- President Trump has described wind and solar energy negatively and aims to boost U.S. energy production.
- Federal tax incentives have supported wind and solar industries in the U.S. for decades.
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