The "Big Beautiful Bill" -- Climate And Energy Provisions
/On Thursday (May 22) the House of Representatives passed, by a narrow margin of 215-214, what is referred to as the “Big Beautiful Bill” — a massive compendium of taxing and spending measures that can now seek to avoid the filibuster in the Senate on grounds of being a “budget reconciliation.” The BBB is well over a thousand pages long (go here for full text), and covers a huge range of subjects.
Most summaries of the BBB that I have seen never get to the important subject of subsidies for so-called “green” energy — wind turbines, solar arrays, grid-scale batteries, hydrogen production, and so forth.
That is understandable given the large number of important issues covered in the bill. However, the green energy subsidies are a gigantic issue. They consist of generous tax credits for wind and solar facilities that have been around for a long time, plus a barrage of subsidies and handouts created by the so-called Inflation Reduction Act of 2022.
In a post that I wrote at the time of enactment of the IRA, I linked to an analysis that estimated the green energy handouts of just the IRA alone at approximately $370 billion (although I noted that the IRA handouts were un-capped and could end up being far more than that).