Major Tax Bill Expected to Raise Electricity Costs and Cut Renewable Energy Investments
Washington, D.C. — A controversial tax package gaining traction in Congress is projected to significantly hike electricity prices and hinder low-emission energy advancements, according to analysts. The Senate bill, which recently passed the House, aims to slash federal aid programs like Medicaid and the Supplemental Nutrition Assistance Program, while eliminating crucial tax credits for renewable energies, including solar, wind, and nuclear power.
Research from Princeton University indicates that the legislation could raise national average electricity rates by roughly 9% by 2030, costing households an additional $75 to $160 annually. New Jersey residents could see increases of $10 to $30 per year in energy expenses by 2035.
Republican New Jersey lawmakers supported the bill, arguing it would preserve Medicaid. However, every Democrat opposed the measure, citing its detrimental impact on low-income families and environmental efforts.
While the bill’s passage seems likely given the Republican majority in the Senate, some GOP senators have expressed concerns about the implications of repealing energy tax credits. Critics warn that this could jeopardize job creation and investment in clean energy, undermining economic prospects in Trump’s supporting states.
Political analysts suggest Democrats could leverage these developments to rally public support against the proposed changes.
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