The Republican-led House of Representatives has narrowly passed a giant tax and spending bill that would end Inflation Reduction Act subsidies for clean power years early.
The proposed changes threaten to unravel a variety of incentives that would result in higher prices for everything from electricity to solar panels.
The bill now goes to the Senate, where it will most likely undergo changes. Here’s what to know about what’s in the passed version of the House bill and how it might change in the Senate.
What are potential economic consequences?
A full repeal of the Inflation Reduction Act would cut GDP $1.1 trillion, cost hundreds of thousands of jobs and spike consumer energy bills, according to think tank Energy Innovation Policy & Technology.
While a number of clean energy projects would get canceled if the House bill passes in its current form in the Senate, others would re-neg…