Treasury Secretary Janet Yellen emphasized that rolling back the clean energy tax credits would increase costs for families while undermining investments in U.S. manufacturing and job creation.
Yellen cited that $8.4 billion has been claimed in energy tax credits, providing families with long-term savings on energy bills, highlighting the importance of these credits.
She warned that eliminating the IRA's credits would not only harm American families but also put the U.S. at a disadvantage compared to China, which is heavily investing in clean energy.
Yellen remarked that now is a critical moment for the U.S., stating, 'Rolling them back could raise costs for working families... and jeopardize the significant investments in manufacturing.'
The Biden administration is expected to implement increased tariffs on Chinese clean energy goods, illustrating the ongoing efforts to foster a domestic clean energy supply chain.
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