Speed is the new energy subsidy
For decades, clean energy in America was carried forward by subsidies. The ITC and PTC helped solar and storage scale, creating an industry that might not have survived without them.
They gave renewables the time and capital to prove themselves. However, they also distorted markets, as developers planned pipelines around political timelines rather than project efficiency.
Investors prioritized tax certainty over technology, and because subsidies softened the cost of delays, many projects could afford to proceed through slow, sequential steps.
Projects lived or died not on their merits, but on how Congress voted, a situation exacerbated by the One Big Beautiful Bill Act (OBBBA), which accelerated the phaseout of credits and added complex new sourcing requirements, creating a hard clock.
The ITC and PTC helped solar and storage scale, creating an industry that might not have survived without them.
Author's summary: Subsidies shaped the US clean energy industry.