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Having worked in the construction industry for over 20 years, balancing budgets and practicing fiscal responsibility are two business tactics I believe in. The current budget proposal being debated in the U.S. Senate will hurt businesses and have potentially damaging economic consequences. Repealing the clean energy tax credits at the end of this year — which is what the House bill calls for — will not only harm businesses but it will also cause an increase in energy costs for consumers.
The clean energy tax credits have generated $1.2 billion worth of investments in Maine, and that’s not including the additional $5.3 billion worth of “outstanding investments” which are projects that have been announced but not yet started. Eliminating these tax credits puts the more than 15,000 jobs in Maine’s clean energy sector at risk. Businesses like Sargent Corporation made long-term decisions based on these credits, and immediate elimination would have a dire impact on the state’s economy and jobs.
This doesn’t only impact businesses’ long-term planning. Repealing the clean energy tax credits will increase residential energy costs. One study found that utility cost increases for Mainers would be 16.7 percent by 2040. This means that many families would have to choose between higher electricity bills or other necessities.
The current budget proposal as written will result in increased business uncertainty and divestment. That means less investments and fewer jobs, especially for rural areas where many of the projects are built. The Senate should fix this bill and keep the clean energy tax credits.
Glenn Adams
Business Development Director
Sargent Corporation
Orono
