US doubles renewable subsidies to $15.6 billion in last seven years, EIA says

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.

That growth also helped solar overtake the share of biofuels, which was the largest beneficiary of tax incentives in 2016, the report said. Meanwhile, subsidies related to natural gas and petroleum became a net cost to the U.S. government, which gave tax breaks worth $2.1 billion in fiscal year 2022 compared with a revenue inflow of $2.2 billion in fiscal years 2016 and 2017 combined.

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