Protect clean energy tax credits for energy security

As the demand for electricity surges, driven by factors such as AI data centers and electrification of industries, the United States faces an unprecedented strain on its electric grid. The nation is projected to require a 50% increase in annual electric energy production by 2035 compared to today's levels. This imbalance between rising demand and constrained supply poses significant economic risks in the form of higher electricity costs for businesses and consumers, as well as threats to economic competitiveness due to grid instability. The most immediate and impactful step federal lawmakers can take to safeguard our country's energy future is to protect the long-term stability of the Clean Energy Investment Tax Credit (ITC). The ITC supports an "all-of-the-above" energy approach, including carbon-free sources like solar, wind, nuclear, and geothermal. Ensuring affordable and reliable electricity, as well as a robust electric grid, necessitates bringing new energy sources online as quickly as possible. The ITC has been instrumental in driving the remarkable growth of the renewable energy sector, particularly solar, which has been the largest source of new electricity capacity for several years. Repealing the ITC could lead to a 9.2% increase in electricity prices across all sectors by 2029, according to a report by the Brattle Group. This would directly and negatively impact American businesses, communities, and consumers, who are already struggling with rising electricity prices. Furthermore, locally generated solar power enhances energy independence and grid resilience, reducing dependence on imported fuels. Solar projects also create local jobs, generate substantial property tax revenue for rural communities, and provide Americans with low-cost, reliable power. At a time when the energy landscape is rapidly changing, consistent federal policy, such as the ITC, is crucial to ensuring reliable and persistent energy production growth that strengthens, rather than destabilizes, the economy. America's energy future is intertwined with economic competitiveness, national security, and community resilience. It is imperative that lawmakers act to protect the ITC and support an "all-of-the-above" energy approach to meet the unprecedented demand for new electricity and close the energy scarcity gap.