WASHINGTON, D.C. – President Trump has set an formidable aim to make america power dominant and reduce electrical energy costs by 50%. In line with a brand new ACORE report launched right now, the U.S. has a vital alternative to satisfy this problem and additional place itself as a worldwide power chief. With electrical energy demand development skyrocketing for the primary time in a long time, the report, Tax Stability for Power Dominance, explores how American management and innovation throughout all power sources – together with domestically produced wind, photo voltaic, geothermal, hydropower, power storage, hydrogen, superior nuclear, and different applied sciences – can advance American power dominance.
Longstanding bipartisan federal power tax credit have performed an instrumental function in making a secure market atmosphere to catalyze current milestones in U.S. clear power deployment and funding, and the newest enhancements to these credit have additional bolstered home power. This report emphasizes that sustaining certainty across the present suite of credit helps the continued buildout of American power, whereas enabling vital advantages comparable to: fostering job creation and native financial advantages, driving reasonably priced energy costs, enhancing grid reliability, strengthening international competitiveness, reshoring manufacturing, and extra.
“America wants an ‘the entire above’ power technique if we need to obtain power dominance,” mentioned ACORE President and CEO Ray Lengthy. “We now have a unprecedented alternative to satisfy the demand development problem with reasonably priced, dependable, and safe power, so we will’t afford to forfeit this opportunity by limiting our personal benefit.”
To judge the potential for clear power market exercise absent important coverage adjustments, ACORE performed surveys of fresh power sector buyers and builders in December 2024.
The survey outcomes included on this report illustrate the large exercise deliberate within the sector over the subsequent three years, with greater than half of the respondents reporting plans to extend their exercise by greater than 10% in comparison with 2024 ranges, absent adjustments to the tax credit or different coverage interventions. Conversely, tax credit score uncertainty might trigger 84% of buyers and 73% of builders to lower their exercise in clear power. Amongst firms with over $1 billion in investments, 80% responded that they might considerably or reasonably lower their clear power funding plans, probably translating to the lack of tens of billions of {dollars} in personal sector funding.
“The urge for food to put money into and develop American clear power sources right now is stronger than ever,” mentioned Lesley Hunter, ACORE’s Senior Vice President of Coverage and Engagement and lead writer of the report. “Offering the business with coverage certainty is totally vital to keep up the progress we’ve made and guarantee continued development available in the market and the broader financial system.”
Primarily based on the survey outcomes and evaluation all through, the report gives the next coverage suggestions to assist obtain the common targets of decreasing power prices, assembly rising power demand, selling funding in U.S. manufacturing and power undertaking improvement, and enhancing U.S. nationwide safety:
- Preserve key clear power tax credit
- Protect the transferability provision
- Present era and manufacturing initiatives with a multi-year window of coverage certainty
To obtain a duplicate of the report, click on right here.
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About ACORE:
For over 20 years, the American Council on Renewable Power (ACORE) has been the nation’s main voice on the problems most important to scrub power growth. ACORE unites finance, coverage, and know-how to speed up the transition to a clear power financial system. For extra data, please go to www.acore.org.
Media Contacts:
Dylan Helms
Supervisor, Communications, ACORE
[email protected]
202.935.6491
