Schumer Warns: Clean Energy Tax Hike In GOP Job-Killing Bill Will Vaporize Hundreds Of Thousands Of Jobs & Drive Up Monthly Energy Bill For Families & Businesses; “Big, Beautiful Bill” Means “Big” Energy Price Hikes, “Big” Job Losses, & A “Big” Win For China; Senator Opens Up New Front In Fight Against Republican Bill Standing With Workers & Warns GOP To Back Off Disastrous Plan To Bow To Big Oil Billionaires

New York, N.Y. – Today, Senate Democratic Leader Chuck Schumer (D-NY) stood with trade workers and others to caution that the House-passed GOP tax bill will kill clean energy investments that are key to lowering electricity costs, creating good-paying jobs, and increasing American manufacturing independence. Since Schumer led the Inflation Reduction Act to passage three years ago, companies announced plans to invest $843 billion in projects, creating hundreds of thousands of jobs across the country. Leader Schumer warns the GOP plans to deliver a fatal blow to America’s domestic clean energy and manufacturing economy and working families – at the behest of Big Oil and billionaires – and says the Republican plan must be stopped.

Today, standing at the largest rooftop solar array in Manhattan, Senate Democratic Leader Chuck Schumer (D-NY) warned that the GOP’s so-called “big, beautiful bill” would decimate clean energy, kill over 800,00 jobs, and raise costs for American families, according to Energy Innovation. With the goal of funding tax cuts for the ultra-wealthy, the House-passed bill would eliminate clean energy tax credits, which would cut hundreds of thousands of clean energy and manufacturing jobs, and millions of related jobs. Schumer also said the tax hikes on clean energy this bill are expected to drive up monthly energy bills by almost 10% across the country, according to the Clean Energy Buyers Association. Schumer sounded the alarm and warned the GOP to back off this disastrous plan to bow to Big Oil billionaires.  

“This so-called ‘big, beautiful bill’ is nothing short of a big, bad blow to America’s clean energy economy and a huge amount jobs across the country,” said Leader Schumer. “It’s a job-killer, a cost-raiser, and a giveaway to Big Oil billionaires — all at the expense of workers, and American families. That is why the GOP plan to deliver a tax cut to billionaires at the expense of lower bills and cleaner energy for all must be stopped.”    

Three years ago, Leader Schumer spear-headed the Inflation Reduction Act, leading its passaging through the Senate and into law. In just this short time, the clean energy tax credits have revolutionized America’s clean energy economy and has already created over 400,000 jobs, according to Climate Power. These incentives make it cheaper to provide more clean electricity, for families to make their homes more energy efficient and lower their energy bills, and to manufacture critical and desperately needed energy components, like batteries, solar panels, and wind turbines in the United States. Since the passage of the Inflation Reduction Act, companies have announced over $843 billion in investments in clean energy projects, with millions of good-paying jobs slated to be created across the country, according to the Clean Investment Monitor. The repeal of these incentives would vaporize thousands of jobs and jeopardize the nation’s path to energy independence.

“If Republicans succeed in gutting these tax credits, it will mean higher monthly energy bills for families and small businesses, fewer jobs for hardworking Americans, and a dangerous step backward in innovation on energy,” Schumer added. “It’s a big win for China and a big loss for American manufacturing. It means less energy diversity and higher costs for consumers and businesses.”

Additionally, study after study shows that the GOP plan to raise taxes on energy will raise costs for families and small businesses. One conservative study from the Clean Energy Buyers Association showed that small businesses in America will see a 10% increase in electricity prices next year, a cost that’s likely to be passed straight onto consumers. With the average small business spending $1,760 on electricity in 2023, according to the Department of Energy, the Republican plan will spell disaster for main street businesses and families across the country.

If the GOP plan to raise taxes on clean energy goes through and American projects are halted, experts fear it could help American adversaries like China solidify dominance in low-cost, clean energy manufacturing. This would make the United States more reliant on other countries for cheap energy, reduce American production of energy technology like solar panels, batteries, and electric vehicles, and disrupt American supply chains while sending American jobs overseas.

What’s at stake for our Country:

• More than $800 Billion in investment at risk: Since the IRA passed, companies have committed billions to building clean energy and clean manufacturing in America, including in batteries, solar, and other advanced technologies
• 790,000 jobs on the line: These jobs are supported by clean energy tax credits and grant programs that the GOP now seeks to repeal.
• Higher energy bills: Repealing the IRA would increase electricity costs and drive up everyday costs for American families and businesses, costing them hundreds of dollars more every year while also reducing access to home efficiency upgrades and energy-saving technologies.
• Reduced U.S. energy independence: The tax credits under threat are central to building a domestic supply chain for batteries, solar, and clean power — all of which reduce dependence on foreign energy.

Already Announced Jobs At Risk If Clean Energy Credits Are Repealed