Washington, D.C. – The Business Council for Sustainable Energy (BCSE) and the Clean Energy Business Network (CEBN) released a factsheet today detailing South Carolina’s investments in demand- and supply-side energy solutions. The factsheet highlights energy projects driving economic growth in South Carolina as Congress considers budget reconciliation proposals that would impact jobs and economic development in the state by altering and drastically limiting the timeline of key energy tax credits.
Alongside the factsheet release, BCSE and CEBN will host a press briefing this morning, June 20 at 10:00 am ET, in which energy industry leaders will discuss the importance of federal energy tax credits for driving investment, boosting economic growth, and expanding energy resources in South Carolina amid skyrocketing demand growth. Participating companies and organizations include Atlantic Energy, Greentech Renewables, Solar United National, Trane Technologies, Schneider Electric, the Polyisocyanurate Insulation Manufacturers Association, and the Fuel Cell & Hydrogen Energy Association. Click here to register.
“Companies rely on long-term business certainty in the tax code to plan projects and allocate capital,” said BCSE President Lisa Jacobson. “As we face an era of unprecedented energy demand growth, now is not the time to disrupt the market by making unnecessary changes to the tax structure. South Carolina needs more energy now to keep the lights on for homes and businesses – and these tax incentives are unleashing homegrown energy across the state.”
South Carolina is already experiencing sharp increases in energy demand coupled with concerns about rising energy costs. In the absence of technology-neutral federal tax incentives, South Carolina’s average annual household energy costs are projected to increase by nearly $50 per year in 2030 and nearly $270 per year in 2035. South Carolina is among the top 15 states with the highest projected price impacts.
Clear, predictable, and long-term tax policy is essential for market confidence that will get projects deployed quickly and urgently. The repeal of bipartisan federal tax credits for energy manufacturing could risk South Carolina losing $14.37 billion in investment and 22,312 good-paying energy jobs across at least 43 projects in the batteries, clean technologies, electric vehicles, solar, and grid and transmission industries.
“South Carolina is emerging as an attractive place for energy businesses, from startups to manufacturers to project developers, creating good-paying jobs and taxpayer revenue in communities across the state,” said Lynn Abramson, President of the Clean Energy Business Network. “But these growth industries are in jeopardy as Congress considers reopening the existing energy tax code. Policy certainty is essential for fostering a pro-business environment, especially for small companies with limited resources.”
“Energy and manufacturing credits are critical tools in achieving energy abundance in the United States,” said Jeannie Salo, Chief Public Policy Officer for Schneider Electric and Vice Chair of the BCSE Board of Directors. “Extending the timelines for transferability and key energy tax credits will inject more certainty into decision making that will fuel the investment to make America more energy resilient, power our AI future, and secure the energy needed to unlock a booming economy.”
As the Senate now considers changes to the tax code through budget reconciliation, BCSE and CEBN will share industry perspectives with policymakers and urge that the proposals remove burdensome red tape and provide a smoother transition for businesses currently utilizing the energy tax credits. The coalition’s reconciliation bill priorities can be found here.