New act seen as setback for green energy

Experts expect household power costs to rise, voicing environmental concerns

The renewable energy industry in the United States is set to face a major setback after President Donald Trump signed his "One Big Beautiful Bill" into law on July 4.

The law eliminates many of the measures in former president Joe Biden's Inflation Reduction Act, or IRA, which supported the nation's clean energy projects and led to significant growth in the industry.

Since August 2022, at least 160 clean energy manufacturing facilities or expansions have been announced, including 47 last year alone, according to the American Clean Power Association. These developments, supported by tax credits in the Inflation Reduction Act, were projected to create 100,000 new manufacturing jobs and bring in more than $500 billion in investment.