Renewable Prices Rise 37%

Before diving into the particulars in the CBO report, let’s back up to recall what the latest Treasury Department data on tax expenditures (published last December) reveal about existing energy-related tax breaks. The Treasury numbers show that between 2022 and 2031, the tax credits for solar and wind will cost the federal treasury $112.9 billion. The investment tax credit (ITC), used by the solar industry, will cost federal taxpayers about $60 billion. The production tax credit (PTC), which expired at the beginning of this year and is used by the wind industry, will cost nearly $52.9 billion. For comparison, the oil and gas sector will get about $29 billion in tax credits and the nuclear sector will get a paltry $3.4 billion.

Let’s look at the PTC-related provisions first. For those of you scoring at home, they are listed in the CBO report as Sections 13101 and 13701, which will cost roughly $51 billion and $11.2 billion, respectively. Thus, the cost of the new wind energy-related tax credits in Manchin-Schumer will total about $62.2 billion between now and 2031.

Now, the ITC-related provisions. They are listed as Sections 13102 and 13702 and will cost $13.9 billion, and $50.8 billion, respectively. Thus, the new solar-related tax credits in Manchin-Schumer will cost federal taxpayers about $64.7 billion between now and 2031. A bit of addition shows that the total cost of the new wind and solar tax credits will be about $126.9 billion.

That $126.9 billion in tax credits for wind and solar spelled out in the CBO report will be added on top of the $112.9 billion that was enumerated by the Treasury Department in its December tax expenditure report. Thus, under Manchin-Schumer, the subsidies for wind and solar will total a staggering $239.8 billion between now and 2031. That amounts to some $26.6 billion per year. Put another way, when this measure becomes law, solar and wind will get nearly as much in tax credits every year as the oil and gas industry will get over a decade.

There is more detail in the full posting that you can access by clicking here .https://www.msn.com/en-us/news/politics/talk-about-corporate-welfare-federal-giveaways-to-wind-solar-sectors-are-about-to-explode/ar-AA10EjkX

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