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.

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

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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

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

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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.

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

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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.