We’re Tracking the Damages from Trump’s New Law; Companies Plan Layoffs

Trump’s Big Ugly Budget Bill has become law, but we’re still discovering just how bad the damage is on clean energy and fighting the climate crisis.

Loss of Jobs

At a roundtable discussion on the impact of the legislation hosted by State Rep. Deborah Ross last week, representatives of North Carolina clean energy companies said that the repeal of clean energy tax credits has forced them to switch from planning expansion of their businesses to planning layoffs. 

It’s basic math. With the elimination of tax credits, installation of new solar and energy efficiency systems becomes more expensive, payback periods grow longer, and fewer customers can afford the investments. Will Etheridge, owner and CEO of Raleigh’s Southern Energy Management, estimated that the residential solar tax credit “supports probably 50 percent of our total business and employment.”

Rising Electricity Costs

The elimination of these tax credits is bad news for more than just those who would have installed the systems in their homes or businesses. Since the replacement energy sources will cost more than solar systems and efficiency improvements, the cost of electricity will rise significantly. Analysts project that the cost impact to North Carolinians will be substantial: more than 18% high power costs by 2029. 

Examples of these impacts will continue to appear as more clean energy businesses gauge the effects on their companies and markets. 

If tracking these damages are important to you, we ask you to support us. We are able to track the impacts of environmental laws and policies because of our dedicated donors. Become a sustaining donor today!