To Members of Congress and the American Public,
Thank you for your commitment to strengthening America’s energy leadership and rebuilding our nation’s industrial base and supply chains. As you know, low-cost, reliable, and abundant energy is fundamental to America's economic competitiveness and national security.
We are a group of more than 70 energy investors representing hundreds of billions in capital committed to building America's energy future. As Congress considers changes to the tax code through the budget reconciliation process, we write to express concern over proposals that would undermine American energy production and manufacturing, and to urge you to protect what is working and pursue improvements to unleash more energy, reduce costs, and accelerate innovation.
We commend the Senate for incorporating key improvements to the House-passed budget reconciliation bill, which—as written—would raise American households’ annual energy bills by a combined $170 billion and reduce cumulative GDP by $1.1 trillion during the budget window, eliminate 790,000 jobs in 2035, and forgo 330 gigawatts of new electricity capacity by 2035.
We support the Senate’s revisions, including preserving transferability and aligning the credits to a commence construction timeline, which will safeguard projects important to meeting near-term demand and manufacturing goals. We strongly urge that the final bill also include the following changes to address provisions that would cause uncertainty and instability in the energy and financial sectors.
We share Congress’s goal of strengthening American industries and supply chains and reducing our reliance on foreign sources. We remain concerned, however, that the bill’s Foreign Entity of Concern (FEOC) provisions do not provide enough time to ensure responsible compliance and send the wrong signal to investors, manufacturers, and working Americans. If left as is, the FEOC provisions could upend viable business models, jeopardize ongoing project financing, bankrupt businesses, and risk a significant slowdown of energy deployment, especially solar, wind, and batteries, which are uniquely capable of being deployed within the coming years. That’s the opposite of what the grid now needs to meet AI, data centers, and domestic manufacturing’s unprecedented and immediate electricity demand.
Energy projects are multi-year, multi-billion-dollar investments that require certainty and stability. We thank the Senate for recognizing this and aligning the credits with a project’s start of construction. Early phase-out schedules for wind and solar, however, will threaten projects that are essential for meeting near-term energy demand while imperiling jobs and supply chains across the country. America needs abundant, affordable, and reliable energy—and fast. Wind and solar plus storage will allow us to get the cheapest, fastest electrons onto the grid. The investment and production tax credits have catalyzed hundreds of billions in private capital to quickly bring electrons to the grid and keep energy as one of the fastest-growing job sectors in the country. Businesses across America have made long-term plans based on reasonable expectations about the nature and duration of these credits.
Most residential solar systems rely on domestically made modules, inverters, and racking equipment, making the sector a key driver of manufacturing investment and supply chain onshoring. An immediate cancellation would also disrupt innovative business models that empower consumers to contribute to our nation’s energy production, helping power their communities, strengthen our economy, and build a more secure energy future for all Americans.
These changes will help ensure the final bill does not unintentionally undermine American companies and drive investments abroad. They’ll help keep energy costs low for American households and businesses.
The current approach, while improved, sends the wrong signal to the market and does not provide enough time to ensure responsible compliance. It would abruptly roll back investment and production tax credits that have catalyzed hundreds of billions in private capital to quickly bring electricity to the grid and reshore manufacturing. This sudden change in policy creates financial uncertainty for American energy companies at a time when the country needs more energy than ever.
This is an economic, security, and geopolitical issue. If the U.S. abandons its domestic energy markets now, we risk ceding future leadership in energy, innovation, AI, and critical infrastructure. The bill’s current structure would weaken our hand in a global economic race we can—and must—win. The AI race will be won by 2030, and we must deploy all sources of energy available to support the United States in that effort.
Investors and relevant businesses are creating American jobs, using American steel, building American-made inverters, and generating more energy security, not less. They are producing resilient, affordable power throughout the country and building a grid capable of supporting both our industrial economy and our national defense. We need to give them the tools to keep going, not slow them down.
We look forward to working with Congress to ensure the final bill strengthens domestic supply chains and secures American energy independence.
Signed,
If you are a U.S. energy investor and would like to add your name to this letter, please sign here.
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