On July 4th, Governor Josh Stein put North Carolina’s economic future first when he vetoed Senate Bill 266 “The Power Bill Reduction Act.” Despite the bill supporters’ enticing contention that the bill will lower your monthly electric bill, multiple independent analyses show that key provisions in the bill would actually put North Carolina’s electricity sector and economic future at risk. But, behind the promise of short-term savings lie risks that energy experts say could hurt our state’s grid and economy in the long-term.
SB 266 would reverse the interim carbon emissions reduction target that was established in House Bill 951, delaying, and potentially diminishing the deployment of wind and solar energy. What many don’t realize is that HB 951 didn’t just catalyze the state’s adoption of more renewable energy; it created a pathway to utilize some of the cheapest and most readily available resources to meet the record energy demand that North Carolina will experience over the next decade. Without that interim goal, experts are projecting an energy capacity shortfall of 12 GW as a direct result of delayed renewable energy deployment.
SB 266 would send a very dangerous signal to investors and developers in North Carolina’s renewable energy sector. Since 2021, the interim carbon emission reduction target has created investment certainty for the best tools available to get electrons on the grid quickly and in an affordable manner. Investment certainty is a key factor here because the industry has already invested $15 billion dollars and created over 10,000 in North Carolina according to the American Clean Power Association. This industry is poised for further growth, but according to a study published by BW Research, removing the interim target is estimated to cause a loss of 50,000 future jobs and billions of dollars in investments in the 2030s.
Those numbers may feel intangible, but a wind farm in rural northeastern North Carolina is responsible for a handful of jobs and approximately $1 million in local county tax revenue every year. As the largest taxpayer in the county, a predictable 30-year tax revenue is a game changer for local governments, schools, infrastructure, and emergency services. SB 266 could stall new wind energy projects and put at risk millions in long-term tax revenue that rural, economically distressed communities rely on to fund schools, emergency services, and local infrastructure.
What does any of this have to do with your electricity bill? Because wind and solar are fuel-free resources, their prices are predictable and steady even when the global fuel markets experience volatile price fluctuations. Without wind and solar on the grid, North Carolina customers would be much more vulnerable to extreme fluctuations that we see in fossil fuel markets, especially during extreme weather or times of increased electricity demand.
Just four years ago a bipartisan law enshrined the need to lower carbon emissions in a least cost manner across the state. This law provides investment certainty to utilities and companies looking to meet our energy needs, prioritize environmental and human health, and keep our state on a path to sustainable economic development. Now, it is up to our state legislators to put North Carolina’s economic future first by sustaining the Governor’s veto.
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