Congressman McHenry has supported an American energy policy that is balanced between conserving energy, investing in alternative energy sources, and continuing to use America’s abundant energy resources. One day, America will be powered by alternative energy—and Congressman McHenry is working to make that happen—but until then, we must use American oil and natural gas to power the American economy and bring down energy costs for American families.
McHenry has been a tireless supporter of western North Carolina’s growing solar energy industry. North Carolina is the second largest producer of solar energy in the United States and the Tenth District is home to seventeen solar energy companies, ranging from development to production. The Congressman supported the extension of the Investment Tax Credit for solar technology, which was included in the Bipartisan Budget Act of 2018. In recognition of his work, the Solar Energy Industry Association honored Congressman McHenry with their Solar Champion award.
Congressman McHenry supports utilizing America’s abundant resources, while continuing to invest in alternative energy. McHenry supported the Tax Cuts and Jobs Act, which has resulted in lower energy costs for consumers across the Tenth District. Duke Energy, the state’s largest energy provider, outlined a plan to pass along the savings from the new tax to North Carolina customers in ways that will lower bills in the near term and help offset increases in the future.
Additionally, Congressman McHenry is a cosponsor of several bills which seek to improve our environment. The Energy Sector Innovation Credit Act of 2019 offers investment and production tax credits for emerging and innovative energy technologies, which includes energy storage technology. This legislation will incentivize companies to produce clean, carbon-reducing energy across multiple industries. McHenry is also a cosponsor of the Better Energy Storage Technology (BEST) Act. The BEST Act makes great strides in revolutionizing energy storage and U.S. electricity markets by updating grid scale technologies, which will make grid storage more widely available. Finally, the Congressman is also a cosponsor of the USE IT Act. The USE IT Act would provide the EPA with funds to promote the research and development of carbon capture technology.
Congressman McHenry supports a plan that would invest the flood of new revenue from oil shale drilling, also known as “fracking,” into the development and practical applications of alternative energy sources like solar, wind, nuclear, and hydroelectric. America’s reserves of oil shale are larger than the oil reserves of Saudi Arabia, Iran, Venezuela, Iraq, Mexico, and Russia combined. This approach would lower energy costs in the short run and make America energy independent in the long run. A comprehensive energy policy of this type would create millions of new jobs in the energy sector. Congressman McHenry is against any efforts to ban the practice of fracking as it would lead to astronomical increases in energy prices and millions of job losses across the United States.