Donald Trump campaigned on promises to slash energy prices, but experts say his tax bill will do the opposite for millions of everyday Americans.
Trump signed his “One Big Beautiful Bill Act” into law on July 4. It’s nice for billionaires who want tax cuts—but research shows that it’s pretty ugly for the future of energy production.
The new law will get rid of tax credits for solar panels, wind turbines, and other green technology. Ending those tax credits will make them more expensive to produce, and increase demand for energy from fossil fuels.
Increased demand means increased prices for consumers.
Arizona is one of the states with the most sunshine per year, and gets roughly 14% of all its electricity from solar energy, according to the Solar Energy Industries Association (SEIA). The state also saw its largest growth in solar installations in 2023 and 2024.
The SEIA said electricity prices through solar energy have dropped 42% over the last 10 years, and there are enough solar panels installed in Arizona to power over 1.4 million homes. There are also nearly 10,000 solar jobs that are now at risk due to Trump’s law, reversing the progress that utilized a resource Arizona has in abundance.
Electricity prices will increase by almost 20% within just five years, and 61% by 2035, according to research from Energy Innovation, a climate policy think tank.
Both of Arizona’s senators, Sens. Mark Kelly and Ruben Gallego, voted against the bill, but it passed in the Senate, with Vice President JD Vance breaking a 50-50 tie to push it over the top.
