President Trump Signs Law Rolling Back Clean Energy Tax Credits
President Trump signed a major budget reconciliation package on July 4 that rolls back critical clean energy tax credits established by the Inflation Reduction Act. Wind and solar projects must now be in service by 2027 to qualify for credits, while hydropower, nuclear, and geothermal have until 2033, and the electric vehicle tax credit phases out by September 2025. This is expected to result in higher household energy bills and a slowdown in renewable energy deployment nationwide[1][8].
Global Renewable Energy Capacity Posts Record Growth, But Still Short of 2030 Targets
In 2024, the world added 582 GW of renewable energy capacity—a record 15.1% annual growth rate, driven largely by Asia, which accounted for 71% of new capacity. However, this pace still falls short of the level needed to reach the global target of tripling renewable capacity to over 11 TW by 2030, highlighting the need for accelerated investment and deployment[2].
Vestas Secures Significant US Wind Turbine Order Amid Market Uncertainty
Vestas has landed a 527-MW turbine supply order from an undisclosed US customer, signaling continued investment in wind projects even as the sector faces regulatory and financial uncertainties. This order comes at a time when many developers are racing to bring projects online before tax credits expire under the new federal law[3].
New York Announces 2026 Voluntary Tier 1 REC Pre-Sale Program
The New York State Energy Research and Development Authority (NYSERDA) has opened details for its 2026 Voluntary Tier 1 Renewable Energy Credit (REC) Pre-Sale, running from July 30 to August 13, 2025. This program enables commercial, industrial, municipal, and other eligible entities to secure forward-priced RECs from in-state solar, wind, and hydro projects, supporting sustainability compliance and long-term procurement planning[6].
Spike in Renewable Energy Project Cancellations in Texas
Texas has experienced a notable increase in renewable energy project cancellations this month, reflecting challenges related to permitting, grid constraints, and shifting policy incentives. The trend raises concerns about the reliability and pace of future renewable deployment in one of the nation’s largest clean energy markets[5].
California Wind and Solar Projects Face New Federal Hurdles
Eleven solar projects and one onshore wind project in California are facing potential delays or cancellations due to new federal regulatory requirements. These hurdles further complicate the state’s ability to meet its aggressive clean energy goals, as developers navigate evolving rules and permitting processes