In this newsletter are recommendations to help states take advantage of rapidly-expiring federal energy tax credits, and an exciting new job posting for an Executive Director for the U.S. Green Bank 50 (GB 50).
As we outlined in our last newsletter, the recently-enacted budget reconciliation bill (HR 1) rapidly eliminates federal energy tax credits that cover 30% or more of the cost of solar, wind, EVs, and home energy upgrades. But states that move quickly can still help businesses and residents benefit from these incentives before they expire. To help them act fast, the State Support Center has produced this memo —Federal Energy Tax Credit Resources for States—that outlines time-sensitive actions states can take to:
Jump-start solar and wind energy projects before credits phase out
Maximize access to home and EV credits for residents
Stay ahead of new Prohibited Foreign Entity restrictions
Some states are already taking charge:
In Colorado, the governor directed key agency leaders to take specific actions streamline credit-eligible clean energy projects, and launched the Colorado Energy Savings Navigator (CESN)—a new easy-to-use digital tool that connects residents to over 600 energy rebates and energy bill assistance programs, including federal tax credits expiring later this year.
In Minnesota, the Public Utilities Commission (PUC) now requires utilities to file plans detailing how they’ll accelerate construction timelines to capture federal credits—and what help they need from regulators to avoid passing higher costs to customers.
In response to a request from the Oregon PUC, Portland General Electric launched an open call for power purchase agreements (PPAs) for projects that meet tax credit deadlines, to lower prices and deliver long-term value for their customers.
In Washington, DC, the Sustainable Energy Utility has issued a resident-facing guide to help households access the soon-to-expire residential energy credits.
In Connecticut, the Department of Energy and Environmental Programs briefed stakeholders and developers on the changes to credits in HR 1, soliciting feedback on how they can remove barriers to help projects stay on track.
The bottom line: States that act fast will reap more clean energy investment, reduce energy bills, and strengthen grid reliability. Don’t leave dollars—or megawatts—on the table. And looking ahead, states can continue to help their companies and communities take advantage of tax credits that will remain for other technologies—including energy storage, geothermal, hydro and nuclear power. With or without federal incentives, states will continue to support the deployment of clean energy projects that provide the lowest-cost, fastest-to-deploy, most-reliable energy for their businesses and residents.
New opportunity to lead the US Green Bank 50! The Green Bank 50 (GB50)—a new national coalition of 50+ green banks—is hiring an Executive Director. The new ED will help state and local green banks scale public-private investment, and help grow a thriving clean state clean energy financing ecosystem that has an important role to play in the next phase of the U.S. energy transition. Know someone who would be a good fit? Find out more about this role and apply here.
If your team is looking for help navigating the federal changes, coordinating action across agencies, getting shovels in the ground, or looking to what comes next—we’re here to support you.
Sincerely,
The State Support Center