(The Center Square) – Repeal of the $891 billion Inflation Reduction Act of 2022 could cost North Carolina “tens of thousands of jobs by 2030,” Gov. Josh Stein says.
The first-term Democrat took advantage Wednesday of the annual Emerging Issues Forum at N.C. State University in Raleigh to champion the state’s energy sector.
North Carolina Gov. Josh Stein
“North Carolina is a leader in the clean energy economy, and we are home to more than 20,000 clean energy jobs and $24 billion in clean energy investments,” Stein said. “Our state is well-positioned to continue that success, and I urge Congress to protect the clean energy investments that have contributed to our state’s prosperity.”
The Tax Foundation, a leading nonpartisan nonprofit with mission to examine tax policies leading to greater economic growth, says the tax breaks of the Inflation Reduction Act have proven more expensive than originally forecast. U.S. Rep. Mike Johnson, R-La., speaker of the House of Representatives, says the reform is “somewhere between a scalpel and a sledgehammer.”
Transcribed, it’s elimination of policies not working and tweaks to those that do work, the Tax Foundation says.
Greenville is the latest new home for the clean energy industry. Boviet Solar celebrated a grand opening of the first phase of its factory there in April enabling annual photovoltaic module output capacity of 2 gigawatts. The second phase is expected to be in operation next year.
The facility is valued at $294 million. State and local incentives over a dozen years are $34.6 million for the Vietnamese solar company. The projection is for the entire project to yield 900 new jobs.
Stein said repeal of the Biden administration act would also cost “billions in clean energy investments spurred by clean energy and manufacturing tax credits.” His office says families in the state would likely have an annual increase of $200 to their electricity costs.
He’s hopeful the congressional delegation of 10 Republicans and four Democrats will retain the clean energy tax credits.
