The Infocast Solar + Wind Finance & Investment Summit remains one of the most high-impact events for the clean energy industry. This year, outside of the networking and meetings, several recurring themes emerged across sessions:
- Energy demand (from data centers and otherwise) is rising, and clean energy plays an important role in meeting that demand
- When credits “run out,” clean energy development will persist, but circumstances will look different, especially growth and energy pricing, at least initially
- Challenges exist, including interconnection delays, regulation barriers, tariffs, tax law changes, and more
- “Foreign entity of concern (FEOC) rules” and tariffs are prompting the industry to consider shifts in supply chain, an increase in due diligence, and an emphasis on tax planning
Energy Demand & Clean Energy Solutions
Renewables, other clean energy solutions (or clean firm assets), and natural gas each have a place to play in meeting the ever-increasing energy demand of the United States. One panelist at the conference stated that he expected the maximum achievable load growth over the next five years to be approximately 25%, with a large portion attributable to data centers (or the “inference” segment). Richard Dovere, CEO of Dispatch Energy, stated during a Tackling Tax podcast episode recorded at the event, “This is not a partisan issue, this is a we need power issue.”
In response to this demand, clean energy manufacturers at the conference observed that domestic manufacturing investment has not slowed (and in some cases has accelerated) due to legislative changes affecting the Section 45X tax credit and the domestic content bonus credit. Even with these changes, several speakers described clean energy solutions as relatively less volatile than oil and gas, given reduced exposure to geopolitical and broader macroeconomic factors. Further, the One Big Beautiful Bill Act (OB3) provided near‑term policy clarity and certainty, though interpretations and future legislative changes remain possible.
Certain panelists, for example, opined that they expect an extension of the beginning of construction safe harbor changes implemented last year.
What Happens When Clean Energy Credits “Run Out”?
It’s not just solar and wind energy that have earned a place at the table. Clean firm assets like nuclear, geothermal, energy storage, and carbon capture all play a part in meeting this energy demand. This “all of the above” approach toward meeting energy demand is especially crucial when credits “run out” (assuming no future legislation changes). Even with varied technologies, the loss of tax credits is expected to raise energy prices for consumers. With an increase in power purchase agreement (PPA) pricing, the affordability of energy decreases. What we are looking for is a balance between the two, and an increase in manufacturing and transformer capacity can help us get there.
Even so, the industry seems to be realistic about upcoming instability. Without credits, models will be redone and growth may slow. Alternatively, complex financing structures will no longer be needed.
Hurdles to Plan For
The industry is facing numerous challenges at the moment, including interconnection delays, transmission costs, regulatory barriers, tax changes, tariffs, supply chain issues, and more. Naturally, these challenges were a focus of the conference, but one theme emerged—the industry is handling them.
Speakers noted that potential solutions to long interconnection timelines, permitting obstacles, and regulatory constraints are not “one size fits all.” Rather, participants were encouraged to remain engaged in state and local policy discussions. Former Federal Energy Regulatory Commission (FERC) Chairman Willie Phillips spoke to this topic during the event. A panel focused on community solar highlighted how state‑level approaches vary substantially. While Maine has faced challenges, New York and Illinois were cited as having more favorable regulatory frameworks.
Tax changes and timeline shifts from OB3 are pressuring the industry to focus on “safe harbored” projects first. Even so, one panelist predicted that 2026 safe harbored projects would trade lower than 2025 safe harbored projects. Following the safe harbor period, the focus shifts toward FEOC compliance and potentially clean firm assets unaffected by some of the more dramatic credit changes, e.g., battery storage, nuclear, clean fuel, etc.
The industry is also keeping an eye on legislative movements, with the introduction of the Energy Bills Relief Act in the U.S. House of Representatives and the Senate Bill 4158, A bill to temporarily suspend the clean electricity production credit to support the Strategic Petroleum Reserve. While neither bill has passed, they seem to be responding to trends in the country’s energy landscape from different approaches. More to come in our From the Hill publication if these bills progress.
FEOC & Tariffs
Multiple panels touched on the impact the FEOC rules and tariff changes have had and will continue to have on the industry. While technically the “prohibited foreign entity rules,” colloquially, the industry refers to these OB3 changes as the “FEOC rules.” One less-publicized aspect of these rules is the 10-year recapture provision. While clean energy credits have historically had a five-year recapture time frame, this 10-year period begs practical questions about who will be monitoring compliance down the line. Due diligence will undoubtedly be paramount with such a long period for open exposure.
The recently issued FEOC safe harbors present a push-and-pull relationship for those in the industry. While, in theory, the certification safe harbor provides for less computation and work by purchasers, the vendors need to look all the way up the chain of production to help ensure that no prior suppliers violate the FEOC rules. Further, guidance is still lacking as to what within these certifications (detail, length, support, etc.) would give purchasers confidence in the certification itself. This is in contrast to the cost percentage safe harbor, which does not require the same extent of a dive into prior suppliers, but does not extend to all technologies.
Tariffs have become a reality of the industry. Whether through §232, §122, §301, or otherwise, manufacturers and developers are coping with frequent rate changes and have come to expect a tariff impact. Panelists emphasized that there is a fairly global supply chain for clean energy, even given the dominance of Chinese production for solar and other technologies. All of this to say, tariffs may warrant a shift in supply chains, while FEOC emphasizes a renewed emphasis on diligence.
Tyler Baity and James Liechty, partners and leaders in our renewables practice at Forvis Mazars, were joined by Iris Laws of the firm’s Washington National Tax Office at the 2026 Infocast conference. Explore these topics and more with our clean energy team. If you have any questions or need assistance, please reach out to a professional at Forvis Mazars.