Assessing OBBBA's Impacts For U.S. Renewable Power Developers

Navigating a maelstrom

The passage of the One Big Beautiful Bill Act ("OBBBA") in July 2025 marked a significant policy reversal for renewable energy—and only the start of a period of industry upheaval. Last month, the Treasury Department's guidance on the OBBBA's implementation further tightened the requirements to qualify for tax credits, most notably eliminating the "safe harbor" rule that allowed 5% of solar and wind project spending to stand in lieu of the start of physical construction. For all of us closely watching the trajectory of policy over the last year, the potential risks of the spring have now given way to the hard realities of the fall. This is no longer business as usual.