Don’t Let Facts Get In The Way. Of a good story, or political talking point. Ever since the 2014 era ITC extension, solar has had to trade molecular fuels subsidies for its own extensions. Today, the US develops as much oil and gas as the global markets allow them to, with little to no say from the US federal government. In many ways, Riyadh determines how much oil is drilled in the US more so than DC but I digress. Politically, there is only one thing I really care about here which is something that I’ve complained about a lot, somewhat mitigated by the transferability of the tax credits but that’s the passive income rules that solar has to abide by that oil and gas does not. Democrat votes may complain about this leading up to 2024 but I expect the Biden administration to brag about the oil production ahead of the election while knowing that renewables are taking off with the IRA and EV impact on transportation is at its highest ever.
But Let’s Drill. More geothermal that is, check out my friend’s startup at XGS energy for another major player getting into the space.
Where’s The Invite? Secretary Granholm is heading to friends of solar in MN this week!
- Politico: The U.S. is pumping oil faster than ever. Republicans don’t care.
- Wall Street Journal: Exxon Predicts World Will Miss Climate-Change Targets
- Utility Dive: The American power system is changing. How can electricity rates keep up?
- New York Times: There’s a Vast Source of Clean Energy Beneath Our Feet. And a Race to Tap It.
- ABC News: U.S. Secretary of Energy will visit Heliene & Nexamp on Aug. 30th
- Axios: FEMA allocates $3B for climate change as Congress stalls on disaster fund
- Reuters: MEDIA-Google to begin selling maps data to companies building solar products – CNBC
- PV-Magazine: Arizona approves cut to solar compensation rates
Opinion
Best, Yann