Megabills elimination of tax credits for clean energy projects could cost WA 8.7 billion
Washington officials express concern that a newly passed federal megabill will raise household electricity costs and result in significant job losses in the clean energy sector. The legislation phases out tax credits for renewable energy projects, placing $8. 75 billion in investments at risk and potentially leading to the loss of 21,800 jobs by 2030. Governor Bob Ferguson criticized the bill as a "fossil fuel wish list," arguing it jeopardizes the state's energy security and reliability. Clean energy projects that begin construction by the end of the year can proceed, but many developers may struggle to find alternative funding sources.
The U. S. Climate Alliance estimates that households could see a $115 increase in electricity costs annually by 2029. James Hove from Climate Solutions urged reinvestment in successful clean energy initiatives rather than returning to fossil fuels. He emphasized that transitioning to clean energy is more sustainable and resilient to climate impacts.
The new law also maintains subsidies for fossil fuel industries while eliminating incentives for clean energy development.