Chinese clean energy companies risk losing tax benefits under the Inflation Reduction Act if the One Big Beautiful Bill becomes law, following its narrow passage in the U.S. House of Representatives.
The One Big Beautiful Bill Act, a budget reconciliation package supporting President Donald Trump’s policy agenda, passed the House of Representatives by one vote early Thursday. The legislation includes provisions that would exclude Chinese clean energy firms from tax incentives established under the Inflation Reduction Act (IRA).
The IRA, signed into law by President Joe Biden in 2022 and sometimes called the “Green New Deal,” offers tax credits to clean energy producers and manufacturers, especially those involved in electric vehicle batteries, battery storage, solar, and wind energy.
China dominates global solar manufacturing, with eight of the top ten solar companies worldwide headquartered there, according to researchers at Photovoltaic Brand Lab. Since the IRA’s enactment, Chinese companies have invested heavily in solar projects across the U.S., totaling over a billion dollars in states including Florida, Ohio, Texas, Alabama, New Mexico, and Arizona.
Despite these investments, it remains uncertain how the new bill will affect these Chinese solar ventures, as none have publicly commented on the development.
The Solar Energy Industries Association (SEIA), which includes Chinese solar firms among its members, criticized the bill’s passage. SEIA president Abigail Ross Hopper described the proposed changes as “unworkable” for solar deployment and warned of rising electricity costs and increased risk of blackouts without continued solar growth, a sector where China plays a dominant role.
However, U.S. residential electricity prices have risen from 12.65 cents per kilowatt hour in 2015 to 16.48 cents in 2024, despite record levels of solar installation, according to the Energy Information Administration.
The bill now heads to the Senate, where China solar importers are urging lawmakers to reconsider and amend the proposed restrictions.
Both the United States and Iran are giving conflicting messages about trying to end the conflict in the Middle East, meanwhile Pakistan has offered...
Moldova's parliament approved the introduction of a 60-day energy state of emergency after Russian attacks in ...
A New Mexico jury on Tuesday found Meta Platforms violated state law in a lawsuit brought by the stat...
Meta Platforms is increasing compensation for top executives, including its first-ever offer of stock options, ...
A flotilla carrying humanitarian aid arrived in Havana on Tuesday morning (24 March) amid a U.S. oil blockade t...
United Nations Secretary-General Antonio Guterres on Wednesday called on countries party to the Paris Agreement to prepare faster and deeper emission reduction plans for 2035.
Masdar, Abu Dhabi’s state-owned renewable energy company, and Iberdrola, one of the world’s largest energy firms, have signed two major agreements as part of their €15 billion (almost $17.6 bn) alliance to expand offshore wind and green hydrogen projects in the UK, Germany, and the United States.
U.S. President Donald Trump said the U.S. was talking to the right people in Iran to make a deal on Tuesday (24 March), as Pakistan's Prime Minister offered to host peace talks between the two countries to bring about an end to the conflict.
Afghan authorities say Pakistani jets entered northern Afghanistan, while Pakistan insists its actions target terrorism, highlighting continued strain after a temporary Eid ceasefire ended.
As conflict continues to unsettle the Middle East, airlines are being forced to make difficult, fast-moving decisions - redrawing flight paths and searching for safe skies. Amid this uncertainty, Azerbaijan has emerged as a crucial gateway linking Europe and Asia.
FinaFinal results from Slovenia’s parliamentary elections indicate a near tie between the Slovenian Democratic Party (SDS) and the liberal Freedom Movement Slovenia (GS), leaving neither side with a clear path to power.
In a metro station in downtown Tehran, pictures of Iranian school children alleged to have been killed by U.S.-Israel attacks are being displayed along the walls.
The death toll from heavy rains and flooding in Brazil’s Minas Gerais state has risen to 46, authorities said, with 21 people still reported missing. The storms triggered landslides and widespread flooding, displacing thousands across Juiz de Fora and Uba.
The administration of U.S. President Donald Trump on Thursday (12 February) announced the repeal of a scientific finding that greenhouse gas emissions endanger human health, and eliminated federal tailpipe emissions standards for cars and trucks.
Tropical Cyclone Gezani has killed at least 31 people and left four others missing after tearing through eastern Madagascar, the government said on Wednesday, with the island nation’s second-largest city bearing the brunt of the destruction.
Rivers and reservoirs across Spain and Portugal were on the verge of overflowing on Wednesday as a new weather front pounded the Iberian peninsula, compounding damage from last week's Storm Kristin.
Morocco has evacuated more than 100,000 people from four provinces after heavy rainfall triggered flash floods across several northern regions, the Interior Ministry said on Wednesday.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment