A Call for American Energy Leadership, American Manufacturing, and Market-Driven Innovation
Please join the investor community in defending energy tax credits by signing on to the below letter. By signing below, you agree to have your name listed in the published letter. We plan to purchase a one-page ad on the Wall Street Journal. If you have any questions please contact:
Tripp Baird: tripp@thebuildersfund.com
Garrett Jaso: gjaso@impactcapitalmanagers.com
~~
To Members of Congress and the American Public,
Thank you for your commitment to strengthening America’s energy leadership and rebuilding our nation’s industrial base and supply chains. As you know, low-cost, reliable, and abundant energy is fundamental to America's economic competitiveness and national security.
We are a group of more than 80 energy investors representing hundreds of billions in capital committed to building America's energy future. As Congress considers changes to the tax code through the budget reconciliation process, we write to express concern over proposals that would undermine American energy production and manufacturing, and to urge you to protect what is working and pursue improvements to unleash more energy, reduce costs, and accelerate innovation.
We commend the Senate for incorporating key improvements to the House-passed budget reconciliation bill, which—as written—would raise American households’ annual energy bills by a combined $170 billion and reduce cumulative GDP by $1.1 trillion during the budget window, eliminate 790,000 jobs in 2035, and forgo 330 gigawatts of new electricity capacity by 2035.
We support the Senate’s revisions, including preserving transferability and aligning the credits to a commence construction timeline, which will safeguard projects important to meeting near-term demand and manufacturing goals. We strongly urge that the final bill also include the following changes to address provisions that would cause uncertainty and instability in the energy and financial sectors.
Narrow the definition of “effective control” and clarify rules around material assistance and cost ratio rules within the global supply chain criteria for 45Y, 48E, and 45X.
Keep Sections 45Y and 48E for wind and solar projects through 2030 based on the ‘commence construction’ timeline.
Delay the sunset of the 25D Residential Solar Credit until the end of 2027 and restore 48E access for third-party ownership and financing for wind and solar.
These changes will help ensure the final bill does not unintentionally undermine American companies and drive investments abroad. They’ll help keep energy costs low for American households and businesses.
The current approach, while improved, sends the wrong signal to the market and does not provide enough time to ensure responsible compliance. It would abruptly roll back investment and production tax credits that have catalyzed hundreds of billions in private capital to quickly bring electricity to the grid and reshore manufacturing. This sudden change in policy creates financial uncertainty for American energy companies at a time when the country needs more energy than ever.
This is an economic, security, and geopolitical issue. If the U.S. abandons its domestic energy markets now, we risk ceding future leadership in energy, innovation, AI, and critical infrastructure. The bill’s current structure would weaken our hand in a global economic race we can—and must—win. The AI race will be won by 2030, and we must deploy all sources of energy available to support the United States in that effort.
Investors and relevant businesses are creating American jobs, using American steel, building American-made inverters, and generating more energy security, not less. They are producing resilient, affordable power throughout the country and building a grid capable of supporting both our industrial economy and our national defense. We need to give them the tools to keep going, not slow them down.
We look forward to working with Congress to ensure the final bill strengthens domestic supply chains and secures American energy independence.
~~
