Annual energy costs for the average U.S. household would rise by nearly $50 by 2030 if clean energy tax breaks are repealed, the research group Energy Innovation said in a report published Thursday.
“This is largely driven by fewer clean energy manufacturing and construction projects,” the report said. “These effects would increase annual energy costs on a per household basis by an average of $48 per year in 2030 and $68 per year in 2035, with costs continuing to increase in subsequent years.”
Full repeal of the credits, authorized in the 2022 Inflation Reduction Act, “would cost our economy nearly 790,000 jobs in 2030 as new investment in American energy falters and GDP drops by more than $160 billion,” the report said.
The report said repeal would increase consumer costs $6 billion annually in 2030 and $9 billion in 2035.
