Energy Subsidies

Jeff Luse | 11.14.2024 3:00 PM

For decades, the federal government has propped up energy sources and technologies through subsidies and tax credits. From 2010 to 2023, the cumulative cost of these policies was $76 billion and $65 billion for solar and wind power, respectively, and $33 billion for oil and gas. Nuclear energy, meanwhile, received about $26 billion. 

Not only have these subsidies been costly for taxpayers, but they have also proven ineffective in changing the energy landscape. Despite receiving more than twice the amount of money as fossil fuels and nuclear power since 2010, wind and solar only generated 10.2 percent and 3.9 percent of the country's electricity in 2023, respectively. 

The Inflation Reduction Act (IRA) supercharged subsidies for wind and solar energy while........

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