Trump promised to cut electric bills in half. His energy policy is doing the opposite, new analysis finds

Key Points:

• A new report from Energy Innovation warns that the Trump administration’s anti-renewable energy policies are driving up electricity costs, with Americans projected to pay $460 more per household by 2035 and up to $490 more by 2040.
• Despite the administration’s stance, solar and battery storage have surged, accounting for 91% of new energy built in early 2024, but a looming "solar cliff" after 2030 threatens to slow deployment due to the expiration of tax credits.
• The rollback of federal EV subsidies and emissions rules under Trump is expected to significantly reduce electric vehicle adoption, from a projected 68% of new sales in 2035 to only 23%, which could increase gasoline demand and costs for all drivers.
• The administration’s support for coal through relaxed pollution regulations is extending coal plant lifespans, leading to higher electricity prices and increased health costs, including an estimated $43 billion rise in healthcare expenses by 2040 due to pollution-related illnesses.
• Consumer tax credits for home energy upgrades and rooftop solar were eliminated, reducing distributed solar deployment by 21 GW through 2040 and limiting Americans’ ability to lower energy costs through home efficiency improvements.