Senate Bill Slashes Clean Energy and EV Incentives

U.S. Senate Republicans have introduced the 'One Big Beautiful Bill Act,' which would accelerate the phase-out of federal tax credits for solar and wind energy, ending them by 2028 instead of 2032, and extend incentives for nuclear, hydropower, and geothermal energy until 2036. The bill would also terminate the $7,500 federal tax credit for new electric vehicles within 180 days of enactment, reversing a key Biden-era climate policy. Additionally, the legislation includes provisions to end IRS Direct File and Free File tax programs, with the possibility of replacing them via public-private partnership. News of the measure caused sharp declines in major solar company stocks, including Sunrun, Enphase Energy, and SolarEdge Technologies. Industry leaders warn the changes could harm clean energy businesses, lead to job losses, and slow sustainability progress. The Senate aims to pass the bill before July 4, but legislative hurdles remain.