Energy & Environment —Schumer-Manchin deal boosts renewables

The reconciliation deal will be a boost for the renewables industry. Meanwhile, major oil companies recently saw a bump in profits.

The renewable energy sector is feeling a rare jolt of optimism over the announcement of a Senate deal on a Democrats-only reconciliation bill,

Sen. Joe Manchin (D-W.Va.) had dealt renewables a one-two punch after first saying in December that he would not support President Biden’s Build Back Better package

Then announcing months later that he would not back the climate provisions in a reconciliation package,

But then: On Wednesday night, however, Manchin and Senate Majority Leader Charles Schumer (D-N.Y.) unveiled an agreement that would provide billions for the sector.

Their deal includes a $7,500 tax credit for new clean vehicles and a $4,000 tax credit for used ones.

It also features tax credits aimed at solar panel and wind turbine manufacturing and $40 billion to incentivize state utilities to transition to renewable energy sources.