SMACNA Urges Congress to Retain Current Energy Tax Incentives

SMACNA, along with over 270 other companies and trade associations, sent a letter to congressional leaders today urging support for the full suite of existing energy tax incentives. These incentives have enjoyed decades of bipartisan support, spurred job creation, bolstered energy security, and boosted domestic manufacturing and energy development.

Organized by the Business Council for Sustainable Energy (BCSE) and the Clean Energy Business Network (CEBN), the industry letter brings together 272 signatories, including large companies, small businesses, and trade associations across all sectors of the energy value chain. Businesses supporting the letter represent a broad portfolio of energy solutions, including energy efficiency, natural gas, solar, wind, hydropower, biogas, biomass, energy storage, hydrogen, sustainable transportation, digitalization, carbon capture and storage, and more. Collectively, the signatories represent business interests in 43 states, and the companies alone represent over $451 billion in capital and more than 165,000 employees.

According to a new report by Energy Innovation, repealing federal energy tax credits would  put nearly 790,000 jobs at risk and increase annual energy bills for U.S. households by more than $6 billion in 2030 and by more than $9 billion in 2035. Similarly, NERA Economic Consulting estimates that  electricity bills for businesses would increase by about 10% by 2026 if the tax credits are repealed, with costs likely passed on to consumers through higher prices for goods and services.

The letter urges Congress to support sector-wide energy tax credits as it considers tax policy changes this year.  Click here to read the full letter.