2016 solar energy subsidies

How much did renewable subsidies increase in fiscal year 2022?

Renewable subsidies jumped to $15.6 billion in fiscal year 2022 from $7.4 billion in fiscal year 2016, according to the Energy Information Administration's Federal Financial Interventions and Subsidies in Energy report.

What are the different types of energy subsidies?

The most obvious subsidies are the direct expenditures and R&D support from the federal budget. Tax expenditure subsidies are targeted tax incentives that producers or consumers of specific forms of energy receive. In this case, the government does not spend money, but it loses revenue that it would have otherwise received.

Should fossil fuel subsidies be reduced?

"Reducing the subsidies fossil fuel stakeholders receive can help correct inefficient economic interventions into energy markets, save billions of taxpayer dollars, and reduce negative social and environmental impacts," a 2019 analysis by the Environmental and Energy Study Institute found.

Which government agencies report on federal energy subsidies?

Along with EIA, the Congressional Research Service (CRS), the Congressional Budget Office (CBO), and the Government Accountability Office (GAO) also issue occasional reports on the scope and nature of federal energy subsidies that mainly or exclusively focus on data. Recent CRS, CBO, and GAO reports include: Congressional Budget Office.

When was the first federal energy subsidies study performed?

We performed our first federal energy subsidies study at Congress’s request in FY 1992, based on the requirements published in the House Committee on Appropriations’ report on our FY 1992 appropriations. The most obvious subsidies are the direct expenditures and R&D support from the federal budget.

How do tax incentives affect solar?

Most of those subsidies took the form of tax incentives in recent years, with solar applications making up the largest share of the subsidies due in part to rapid industry growth, the report showed. That growth also helped solar overtake the share of biofuels, which was the largest beneficiary of tax incentives in 2016, the report said.