The Trump administration has opened a new front in its war on clean energy. (NRDC)
The IRS has quietly revoked the longstanding “5% Safe Harbor” rule, which allowed energy developers to secure tax credits by spending just 5% of project costs upfront.
Worth noting: The agency only applied this new restriction to wind and solar projects larger than 1.5 MW, leaving nuclear and fossil fuel development exempt.
A broad coalition including the Hopi Utilities Corporation, City and County of San Francisco, and NRDC sued the Treasury last month, arguing the rule is a calculated attempt to kill renewable projects by trapping them in red tape before federal tax credits expire on July 4.