Clean Energy Investments Worth $14 Billion Have Already Been Pulled In 2025—'Returning Us To A Country Powered By Coal And Gas Guzzlers'
The main reason is fear. Specifically, there is concern that Congress may soon eliminate the clean energy tax credits enacted in 2022 as part of the Inflation Reduction Act. The House has already approved a bill that would do just that, and companies are responding by halting projects.
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Invest where it hurts — and help millions heal:."Businesses are now counting on Congress to come to its senses and stop this costly attack on an industry that is essential to meeting America's growing energy demand," E2 Communications Director, Michael Timberlake, said in the report.
Just in April, companies cancelled or delayed $4.5 billion in clean energy and electric vehicle-related investments, according to the report. Projects getting the axe include a $1.2 billion battery plant in Arizona, a major EV factory shutdown in Michigan, and a paused hydrogen fuel cell project in South Carolina.
Many of these losses are happening in Republican-led districts—areas that have so far gained the most from clean energy expansions. E2 estimates that more than $12 billion in canceled projects and over 13,000 lost jobs are in red districts.
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"The House's plan, coupled with the administration's focus on stomping out clean energy and returning us to a country powered by coal and gas guzzlers, is causing businesses to cancel plans, delay their plans, and take their money and jobs to other countries instead," E2's Executive Director Bob Keefe told the Associated Press.
E2 estimates that since the Inflation Reduction Act passed, companies have announced nearly 400 major clean energy projects across 42 states and Puerto Rico, worth an estimated $132 billion. But 2025 is now shaping up to be a turning point, and not in a good way.
Battery and EV projects have been hit the hardest. Battery storage alone accounts for over $10 billion in canceled plans. EV manufacturers have seen around 10,000 jobs disappear alongside more than $6 billion in lost investments.Not all the news is negative. A handful of companies are still making bets on U.S. clean energy. April brought $486 million in new project announcements, including a $400 million solar wafer factory in Michigan by Corning (NYSE:GLW), which could create 400 jobs, and a $9.3 million investment by a Canadian solar firm in North Carolina.
Even so, the scale of cancellations is far outpacing new activity. Timberlake said the entire industry is holding its breath.
"If the tax plan passed by the House becomes law, expect to see construction and investments stopping in states across the country as more projects and jobs are cancelled. Businesses are now counting on Congress to come to its senses and stop this costly attack on an industry that is essential to meeting America's growing energy demand," he told the AP.
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This article Clean Energy Investments Worth $14 Billion Have Already Been Pulled In 2025—'Returning Us To A Country Powered By Coal And Gas Guzzlers' originally appeared on Benzinga.com
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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