U.S. Utility Industry Urges Preservation of Clean Energy and EV Tax Credits in 2022 IRA
Key Ideas
  • The U.S. utility industry is advocating for the preservation of clean energy and EV tax credits in the 2022 Inflation Reduction Act to combat climate change.
  • Industry leaders emphasize that these benefits primarily assist businesses and consumers, rather than shareholders.
  • Trump's transition team is considering eliminating the $7,500 consumer tax credit for electric vehicle purchases, prompting concerns from major EV and battery manufacturers.
  • EEI members, including prominent utilities like AES and Duke Energy, stress the importance of retaining tax credits for various sectors, including hydrogen, for sustained growth.
The U.S. utility industry, represented by CEOs like Pedro Pizarro of Edison International, is urging the incoming Trump administration and Republican-led Congress to maintain clean energy and electric vehicle (EV) tax credits in the 2022 Inflation Reduction Act (IRA). The IRA, a significant part of President Biden's climate change initiatives, contains substantial subsidies for clean energy. While President-elect Trump has expressed intentions to repeal the IRA, industry leaders are making a case for its preservation, highlighting the benefits that extend to businesses and consumers. Notably, the potential elimination of the $7,500 consumer tax credit for EV purchases is raising concerns among major players like Rivian, Tesla, and Panasonic. Moreover, the focus is on retaining tax credits for energy storage, transmission, nuclear power, hydrogen, and EVs to support continued growth within the sector. Key figures within the industry, including former energy secretary Dan Brouillette, are actively engaging with the transition team to influence energy policy and cabinet appointments. The utility industry plans to engage in lobbying efforts on Capitol Hill, emphasizing the positive impacts of the IRA and advocating for its preservation.
ADVANCEH2

Our vision is to be the world's leading online platform for advancing the use of hydrogen as a critical piece needed to deliver net-zero initiatives and the promise of a clean H2 energy future.

© 2024 AdvanceH2, LLC. All rights reserved.