Nebraska residents could pay more for energy as a result of the megabill that President Donald Trump dubbed the “big, beautiful bill.”
The legislation, which Trump signed into law July 4, will raise electricity rates by 14% to 21% for residential, commercial and industrial consumers in the state, according to an analysis by Energy Innovation Policy & Technology, a nonpartisan energy and climate policy think tank.
The analysis found that annual household energy costs in the state will increase $90 by 2030 and $250 by 2035.
The law repeals clean energy tax credits and delays funding for agricultural and forestry conservation, but it increases oil and gas leasing and cuts fossil fuel royalty rates, according to the think tank.
The law significantly limits access to a tax credit for solar and wind projects that was set to run through 2032, USA TODAY reported. However, other sources of power – nuclear, hydropower and geothermal – got expanded access to tax credits under the law.
Related: Big Beautiful Bill 101: What businesses are favored (or not) in Trump’s new law
“By quickly phasing out technology-neutral clean energy tax credits and adding complex materials sourcing requirements, the bill will significantly hamper the development of domestic electricity generation capacity,” the think tank’s analysis says.
The organization predicts a 1.9 gigawatt decrease in generation capacity in Nebraska by 2035. A gigawatt is enough energy to power roughly 750,000 homes.
The think tank also says workers will face factory closures and construction halts, with job losses in the state of 3,000 in 2030 and 2,900 in 2035 due to the law. It forecasts annual losses in the state’s gross domestic product of $500 million by 2030 and $450 million by 2035.
This article originally appeared on Des Moines Register: How the ‘Big Beautiful Bill’ will affect household energy costs in Nebraska
Reporting by Chris Mueller, Des Moines Register / Des Moines Register
USA TODAY Network via Reuters Connect
