The Inflation Reduction Act is again under fire. A number of opponents took the stand before the House Oversight Committee, including a Former Council for the House Energy Committee.
Ben Lieberman now specializes in environmental policy at the Competitive Enterprise Institute. He says the law’s green new deal is now estimated to be costlier than ever.
“The build out of wind energy, for example, will likely necessitate major investments in transmission lines, by some estimates, into the trillions of dollars. We will likely see more lobbying for subsidies to do so. The American people don’t want yet another potential trillion-dollar climate bill, any more than they wanted the first one. The tax credits and other subsidies for alternative energy sources and technologies in the Inflation Reduction Act will likely exceed $1 trillion in costs to the American people. The distortions to energy markets will impose further burdens.”
This hearing comes as the House works on its reconciliation package, with steep cuts planned for the Inflation Reduction Act. Most of the panel spoke against the law, but the Center for American Progress was there to defend it. They say it has created much-needed work in vulnerable communities, specifically in solar, pointing to one company in Louisiana.
“First Solar said that their commitment was catalyzed by the Inflation Reduction Act and is expected to create about 700 new jobs down there,” said Emily Gee.
The company Gee mentioned, and other solar companies like it, could be in for a shakeup in the coming months. Ag Secretary Brooke Rollins said this week she plans to disincentivize federal dollars for solar panels on active farmland, which is part of President Trump’s plan to put small family farms first.
