President Trump's budget bill could phase out tax credits for wind and solar power

OKLAHOMA CITY (KFOR) — Wind and solar companies are bracing for big changes to the industry as lawmakers in Washington continue working on President Trump's spending bill.

In the House of Representatives, it's crunch time for the legislation.

The president wants to sign his 940-page bill on July 4, but right now, the vote is stalled while G.O.P. leadership pushes republican lawmakers on the fence to vote yes.

Part of the bill under consideration would take an ax to clean energy incentives like wind and solar power.

In the Climate Law, President Trump said the clean energy tax credits were part of a "Green New Scam," in which he says helps the "Globalist Climate Agenda."

If the legislation passes, some worry it will reverse growth, increase costs, and not meet the high demand for electricity.

"There's a lot of uncertainty and concern," said Mark Yates with Advanced Power Alliance.

Yates said clean energy incentives are a good thing for electricity bills.

"If you look at Oklahoma today, 45% of all of the electricity generated in the state is renewable energy. It drives down the cost. It's more affordable. And that's one of the reasons that, one, we have the lowest cost of power in the country," he added.

Republican lawmakers argue that cutting the tax credits will save money, saying it's time for subsidies to go, so industries can compete on a level playing field.

Last year, Governor Kevin Stitt signed a memorandum with Denmark's Ambassador to the United States focused on energy collaboration.

At the time, the move caught Republican Senator Dusty Deevers (R-Elgin) off guard.

"The big issue with much of the so-called green energy innovation is the trillions of taxpayer dollars that the federal government and other states have wasted based on climate hysteria," Deevers said in December 2024.

With the legislation still not finalized, this is what Yates suggests.

"What Congress should be looking into is what the nation needs, which is more power," he said.

Yates also added, "We can drill, baby, drill, and we can still have renewable resources coming online and adding to our power grid across the country."

As Oklahoma is home to many wind farms, making it possible to get electricity, News 4 did reach out to the Governor's Office for their take on this portion of the bill. We are waiting to hear back.