The US Treasury Secretary Janet Yellen has cautioned voters in North Carolina about the potential economic risks if Republicans weaken a key Biden administration law that encourages clean energy and manufacturing investments. She pointed out that removing the tax incentives provided by the 2022 Inflation Reduction Act could lead to job losses and increased costs for families.

Yellen emphasized that states like North Carolina, which have benefited significantly from these incentives, would be particularly impacted. In her prepared remarks for a speech at a Raleigh community college, she warned that ending these incentives would be a "historic mistake."

According to data shared by Yellen, 90,000 households in North Carolina have already claimed over $100 million in residential clean energy credits and $60 million in energy efficiency credits. She warned that rolling back these benefits would lead to higher costs for working families and potentially jeopardize the manufacturing investments and jobs that have emerged across the country. Many of these jobs, Yellen noted, do not require a college degree and have helped boost local economies.

The secretary also expressed concern that halting these incentives could allow countries like China to gain a competitive edge in critical industries. "This would be a historic mistake, especially for states like North Carolina that are seeing clear benefits," Yellen said.

Some Republicans, however, have expressed interest in reconsidering these energy tax incentives, with a group of House Republicans recently calling on leadership to rethink the repeal. While some see the incentives as essential for ongoing private investments, others argue that they benefit corporate interests rather than the broader public.

Yellen’s comments come at a time when many states are weighing the economic impacts of the Inflation Reduction Act, which has already resulted in $8.4 billion in clean energy and energy efficiency tax credits claimed by 3.4 million American families this year, largely for solar panels and battery storage.

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