For Immediate Release: July 3, 2025
Media Contact: Stephanie Francoeur | [email protected]
BALTIMORE – Earlier today, the House of Representatives passed the 2025 Budget Reconciliation bill, which now heads to the President’s desk for signature Friday, July 4. The final language curtails clean energy tax credits from current law but maintains them through 2027 and the next Congress.
With its passage, offshore wind projects must either start construction by mid-2026 or finish construction by the end of 2027 to qualify for Inflation Reduction Act tax credits, substantially scaling back current policy that kept these credits in place until the next decade. The final bill also includes improvements to the newly created FEOC (Foreign-Entity of Concern) supply chain reporting requirements for tax credit eligibility over earlier drafts, and removed the heavily publicized excise tax the Senate had earlier proposed.
In response, Oceantic Network has released the following statement from president and CEO Liz Burdock:
“America needs all the power it can get, but Washington chose to compound our national energy crisis by deprioritizing domestic clean energy production and manufacturing, which will eventually lead to higher energy prices and fewer American jobs. The Reconciliation Bill ultimately weakens our nation’s ability to compete in the global AI race and drives up costs for ratepayers.
“While this fight is over, I’m incredibly proud of Oceantic’s members and staff — they worked hard, advocated even harder, and made a difference when it mattered most. Because of their relentless push, developers now have one year to start construction and retain 100% of their tax credits, with a simple ‘safe harbor’ option. Offshore wind remains a tool to address our nation’s surging energy demand and rising energy costs while driving economic growth. Now we double down and keep fighting for stable policies that let clean energy keep building.”
For more information or to arrange an interview with an Oceantic spokesperson, contact Stephanie Francoeur at [email protected].
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At Oceantic Network, we envision a thriving offshore energy industry powering strong economies. Offshore wind energy is the gateway to a host of other ocean renewables, including green hydrogen, wave energy, offshore solar, and more. Our collaborative member network advances the offshore renewable energy market and builds a robust supply chain of local companies. For more than a decade, Oceantic has grown alongside industry, setting the pace for an expanded view of what offshore renewable energy can deliver towards our nation’s energy mix. For more information about Oceantic membership, products and services, visit our website or follow us on LinkedIn.
