Today, Governor Josh Stein called on Senate Majority Leader John Thune, Senate Finance Committee Chair Mike Crapo, and North Carolina Senators Ted Budd and Thom Tillis to reconsider the U.S. House of Representatives’ move to end energy and manufacturing tax credits established by the Inflation Reduction Act of 2022. These credits have been pivotal in positioning North Carolina as a leader in clean energy business investment.
Governor Stein stated, “Our state’s clean energy economy is booming, and companies’ decisions to locate their clean energy advanced manufacturing facilities in North Carolina have brought jobs and opportunities to our state.” He expressed concern that changes proposed by H.R. 1 could jeopardize these investments, hinder demand for clean energy initiatives, and contradict efforts to reshore manufacturing championed by the Trump Administration. “H.R. 1 would weaken our economy, raise utility prices on consumers, and undermine our national security,” he added.
Since the enactment of the Inflation Reduction Act of 2022, over $24 billion has been invested in clean energy technology across North Carolina. Investments include projects related to batteries for storage and vehicle applications, solar panels, electric vehicle charging stations, transformers, critical minerals, and various grid-enhancing products. These ventures are expected to employ tens of thousands of people alongside more than 100,000 individuals already working in North Carolina’s clean energy sector. The potential repeal of these tax credits by the U.S. House budget resolution poses a threat to jobs and significant investments within the state.
Additionally, H.R. 1 could lead to substantial increases in electricity costs for North Carolinians—over 13 percent for households and more than 20 percent for businesses. If repealed, an average family in North Carolina might face an additional $200 annually in home power expenses.
Governor Stein’s letter urging the U.S. Senate to protect IRA tax credits can be accessed here.
