Trump executive order seeks end to wind and solar energy subsidies

(Reuters) -U.S. President Donald Trump on Monday directed federal agencies to strengthen provisions in the One Big Beautiful Bill Act that repeal or modify tax credits for solar and wind energy projects.

In an executive order, Trump said the renewable energy resources were unreliable, expensive, displaced more dependable energy sources, were dependent on foreign-controlled supply chains and were harmful to the natural environment and electric grid.

The order directs the Treasury department to enforce the phaseout of tax credits for wind and solar projects that were rolled back in the budget bill passed by Congress and signed into law by Trump last week.

It also directs the Interior department to review and revise any policies that favor renewables over other energy sources.

Both agencies are required to submit a report to the White House within 45 days detailing actions taken.

The One Big Beautiful Bill Act effectively ends renewable energy tax credits after 2026 if projects have not started construction. Wind and solar projects whose construction starts after that must be placed in service by the end of 2027. Under previous law, project developers would have been able to claim a 30% tax credit through 2032.

(Reporting by Nichola Groom; Editing by Stephen Coates)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• U.S. debt tops $40 trillion
• Israel strikes southern Syria; Damascus condemns attack
• Gunmen abduct worshippers from Nigeria mosque, police say