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Renewable Energy Groups Disappointed With Cut to Energy Program in State Aid Bill

As Annie just reported, the House just passed a state aid bill that provides $16.1 billion in Medicaid funding and $10 billion to pay teachers’ salaries, much

Jul 31, 2020
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As Annie just reported, the House just passed a state aid bill that provides $16.1 billion in Medicaid funding and $10 billion to pay teachers’ salaries, much to the delight of Democrats.
But the renewable energy industry is not pleased with a provision in the bill that would cut $1.5 billion in renewable energy loan guarantees. Senate Majority Leader Harry Reid (D-Nev.) had to make the cut, one of many, to make the bill deficit-neutral and gain Republican votes. The House took up the Senate version of the bill, which included the loan guarantee cut, today. The bill passed 247 to 161, mostly on party lines.
In a series of letters sent during the last week, the Solar Energy Industries Association, the American Wind Energy Association, and others criticized loan guarantee funding cut.
They also noted $2 billion was cut from the program last summer to pay for the popular cash-for-clunkers program, which gave provided consumers with cash rebates when they traded in their old cars for newer, more efficient ones.
“With this latest rescission, a total of $3.5 billion will be eliminated from the program, and many pending projects will go unfunded. An estimated private sector investment of $30 to $35 billion will be squandered,” an Aug. 9 letter to House Speaker Nancy Pelosi (D-Calif.) said.
Camilo Wood

Camilo Wood

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Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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