'The grid will become more reliant on increasingly expensive natural gas, driving up energy prices for folks like you and me,' one analyst said.
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If you’re already stressing about your summer electric bills, you might be in for an unpleasant surprise in a few years.
A new analysis from Energy Innovation, a nonpartisan energy think tank, estimates that prices will soar over the next decade thanks to President Donald Trump's signature “One Big Beautiful Bill.”
That’s because the bill is going to make it harder for companies and households to take on new renewable projects. It axes popular tax credits for clean-energy initiatives in the electric-vehicle, home-efficiency, and manufacturing sectors, and wind and solar tax credits are pegged to be repealed immediately. The bill also curbs tax credits for residential homes and commercial buildings that make them more energy efficient.
Energy Innovation said the bill will shrink the production of new cost-effective electricity capacity at a time when power demand is rising, raising prices in the process.
"The biggest change we see from the Big Beautiful Bill is less private-sector investment in U.S. manufacturing and energy development,” Energy Innovator senior analyst Dan O’Brien said. "With fewer low-cost renewables coming online, the grid will become more reliant on increasingly expensive natural gas, driving up energy prices for folks like you and me.”
And as new investment shrinks, O’Brien predicts the U.S. GDP will fall over $980 billion, sending hundreds of thousands of jobs offshore to countries with lower energy costs.
Energy Innovation looked at the data to find the states where energy prices are set to increase the most — and the least — by 2035 thanks to the bill. Continue reading to see what made the list:
Hannah Parker contributed reporting to this report.
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Annual energy prices in North Carolina prices are set to increase $490 by 2035, the fifth largest amount.
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Oklahoma prices are set to increase $540 by 2035, the fourth largest amount.
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Kentucky prices are set to increase $630 by 2035, the second largest amount.
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Kentucky prices are set to increase $630 by 2035, the second largest amount.
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Annual Missouri prices are set to increase $640 by 2035, the largest amount of any state.
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Massachusetts prices are set to increase $120 by 2035, the fifth smallest amount.
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Annual New Hampshire prices are set to increase $110 by 2035, the fourth smallest amount.
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Vermont prices are set to increase $100 by 2035, the third smallest amount.
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Maine prices are set to increase $80 by 2035, the second smallest amount.
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Annual Maine prices are set to increase $55 by 2035, the smallest amount of any state.
