Sign up to save tools and stay up to date with the latest in AI
bg
bg
1

Tesla pleads for Senate to spare its booming energy business | TechCrunch

May 29, 2025 - techcrunch.com
Tesla's energy business, which has seen significant growth, is facing potential challenges due to a House Republican bill aiming to repeal parts of the Inflation Reduction Act. This bill threatens to end tax credits for residential solar installations and clean energy projects, which are crucial for Tesla's energy division. The company has been lobbying Senate Republicans to maintain these credits, arguing that their removal could jeopardize America's energy independence and the deployment of renewable energy capacity, which is vital for supporting AI and domestic manufacturing growth.

The proposed changes could accelerate the expiration of current tax incentives, impacting the deployment of 60 gigawatts of renewable energy capacity annually. The uncertainty surrounding these incentives has already affected American solar stocks, with companies like Enphase, SunRun, and First Solar experiencing significant declines in their share prices. The potential rollback of these incentives poses a risk to the growth of clean energy in the U.S., which accounted for 93% of new generating capacity last year.

Key takeaways:

  • Tesla's energy business is threatened by a House Republican bill that seeks to undo parts of the Inflation Reduction Act, including tax credits for residential solar installations and clean energy projects.
  • The potential repeal of these tax credits could significantly impact Tesla's energy division, which saw a 67% increase in revenue in the first quarter, bringing in $2.7 billion.
  • Tesla is lobbying Senate Republicans to maintain the energy tax credits, arguing that their removal would threaten America's energy independence and the reliability of the grid.
  • The proposed changes have already negatively affected American solar stocks, with companies like Enphase, SunRun, and First Solar experiencing significant declines in their share prices.
View Full Article

Comments (0)

Be the first to comment!