Schumer Warns: Under Clean Energy TAX HIKE in GOP PLAN THAT Passed House LAST WEEK, NEW YORK Could LOSE a Staggering 20,000+ JOBS & SEE Higher Monthly Energy Bills; Senator Sounds Alarm and Demands...

Last Week, The House GOP Rushed To Pass Trump’s Tax Giveaway To Billionaires, That Guts Food Assistance And Medicaid, AND Also Kills The Fed Clean Energy Investments NY Companies Are Using To Lower Energy Costs, Create Good-Paying Union Jobs & Bring Manufacturing Back From China
Since The Inflation Reduction Act Passed Three Years Ago, NY Companies Have Announced Over $5 BILLION In Clean Manufacturing Investments Creating Thousands Of Good-Paying Jobs From Long Island To Buffalo; Senator Warns What Will Happen If GOP Doesn’t Back Off Plan To Kill Clean Energy And Manufacturing
Schumer: Trump’s ‘Big Beautiful Bill’ Is An Ugly Mess That Means Bigger Electric Bills & Big Job Losses For New York
Just a week after House Republicans passedTrump’s devastating bill to kill clean energy incentives so they could give tax breaks to billionaires, U.S. Senator Chuck Schumer revealed how tax hikes on clean energy tucked in the bill would be a gut punch to New York’s economy.
Schumer saidnew data studies from NERA Economic Consultingshows that repealing the clean energy tax credits could cause New York to lose up to 20,300 jobs as clean energy projects are cancelled or scaled back due to lack of incentive, with a whopping nearly $3.5 billion hit to the state’s GDP and New Yorkers paying up to $650 in higher energy costs each year by 2032 if these devastating cuts become law.
“Higher energy bills and many thousands fewer jobs, that’s what New York gets under Trump’s reckless tax bill, which is a giveaway to billionaires and corporations. Already, thousands of New Yorkers were making improvements to their homes to lower their electric bills and make their homes warmer in the harsh winters, now they lose all that support. Thousands of new jobs building clean energy projects in every corner of the state and bringing manufacturing back from China will all be vaporized by the GOP's ugly budget bill. It is a gut punch to New York and a gift to China, which wants to dominate clean energy manufacturing,”said Senator Schumer.“Losing these clean energy projects means losing cheaper electricity for families and businesses. We need more energy production from many sources including wind and solar and water; we need America to be energy independent and to manufacture clean energy technology here, not overseas, and eliminating these tax credits radically and irresponsibly rolls back all the progress we have made in recent years. It turns America’s clean energy boom into a bust.”
Schumer explained that the bill which passed the Republican House last week would kill clean energy incentives created in the Inflation Reduction Act, these tax credits are already benefiting hundreds of New York businesses with ongoing projects and families who are using them to help improve their homes and lower their electric bills.These cuts are broad and deep to New York’s clean energy sector, Schumer specifically highlighted how the bill would:
Schumer said that clean energy investments from the Inflation Reduction Act have created the biggest clean energy boom in American history, but now with many of these core provisions being clawed back or eliminated it risks all the progress that has been made in New York and across the country. The senator said if NY energy projects are forced to stop or scale back, energy costs would increase for families and businesses across the country. With electricity demand surging in New York and across the country, clean energy sources like wind and many other sources of clean power are often the most efficient sources of new electricity, much cheaper than traditional alternatives like natural gas and oil. NERA Economic Consulting estimates costs for New York families could increase by $650 a year, as the Republican plan to gut the clean electricity production and investment tax credits makes it more expensive to provide more electricity, while simultaneously killing the Residential Clean Energy and Energy Efficient Home Improvement tax credits makes it more costly for families to make their homes more efficient and reduce their energy bills.
Schumer added, “Democrats are united in opposing this cruel and counterproductive bill, and these ill-conceived elimination of energy tax credits so they can put more money in the pockets of billionaires. We need the GOP to block these cuts, otherwise it will be American families and our manufacturing future paying the price.”
The Clean Economy Trackerestimates the Inflation Reduction Act’s incentives have spurred over$5 billionworth of investments in clean manufacturing in New York, creating over7,200 jobs. Schumer said if this House Republican plan goes through, many of the clean energy projects spurred by the IRA could be forced to scale back or even stop and the workers building the future of American energy would be laid off, and projects that otherwise would have come online will never come to fruition. That would impact both major NY employers and manufacturers in the clean energy, manufacturing, electric vehicle, battery, research sector and our small businesses. One example is Geothermal Worksin the Hudson Valley, a small Westchester based family business with that helps homes get updated with heat pumps and geothermal systems to lower their electric costs, who said that if the current clean energy cuts go through in the GOP bill it wouldshutter their business and force them into early retirement.
Below are just some examples of projects spurred by the Inflation Reduction Act in New York State that show why eliminating these provisions could be so harmful:
Since Trump was elected, approximately$14 billionworth of manufacturing projects have been outright cancelled, representing more than 13,000 jobs lost. If the GOP plan to raise taxes on energy goes through, those cancellations could balloon to threaten more than $800 billion in private investment in domestic clean energy made in the past three years across the country,according to the Clean Investment Monitor. NERA Economic Consulting estimates that New York could lose an estimated 20,300 jobs if these tax breaks are killed. Schumer said the House Republican bill would repeal the very parts of the Inflation Reduction Act that have helped companies grow in New York and spurred millions of investments, many of which are in Republican districts.
Repealing the clean energy tax incentives would also be a disaster for America and Schumer said that would cede energy manufacturing leadership to China, which already produces a significant amount of the world’s clean technologies like solar panels, wind turbines, and batteries. If companies can no longer support clean energy manufacturing in the United States, they will bring these projects to America’s competitors, and jobs that would’ve otherwise been created in America will be created in countries like China. This will destabilize American supply chains and make American families and businesses reliant on China for cheap energy.
“No matter which way you slice it, the House Republican bill is bad news for New Yorkers. Shutting down projects, killing jobs, and increasing electricity bills would be devastating for our state, which is why we need Republicans to stand up to this bill to save investments in homegrown American energy,”concluded Schumer.
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