国会预算办公室-风能和太阳能的营业税抵免（英）-2025.4_38页_1mb

The federal government supports investment in wind and solar electric power through two tax credits: the Investment Tax Credit (ITC) and the Production Tax Credit (PTC). These credits increase projected federal deficits by $308 billion from 2026 to 2035 in CBO’s January 2025 baseline projections. The ITC, at 30%, and PTC, adjusted for inflation, reduce the user cost of capital by up to 60% compared to no incentives, boosting investment. Growth in wind and solar power is driven partly by these credits, with investment expected to average $48 billion annually from 2024-2026 if credits remain. Additional policy objectives tied to the credits, such as prevailing wages and domestic content requirements, may increase project costs without optimizing lowest-cost deployment. Implementation involves significant administrative costs, particularly for transferred or direct payment credits, and interactions with other policies like minimum taxes and trade tariffs. Uncertainty persists due to variations in investment behavior and external factors like tariffs and natural gas prices affecting deployment. Total energy-related tax expenditures in 2025 are estimated at $78 billion, with wind and solar credits comprising $26 billion.