Path 2

News Press Releases Eric Hovde Monday, Apr 15 2024

Why Did Eric Hovde Flip-Flop on Green Energy Tax Cuts? $$$

Apr 15, 2024

This morning, the Milwaukee Journal Sentinel dropped a story on Wisconsin U.S. Senate candidate (and California banker) Eric Hovde’s flip-flop on green energy tax credits.

When he first ran for office, Hovde tried to win over conservatives by coming out against these tax credits — now, his bank, Sunwest, is taking full advantage of the solar credits afforded by President Biden’s Inflation Reduction Act.

Hovde wants to have it both ways and line his own pockets. That’s the only thing he truly cares about. Read key points from the article below:

Milwaukee Journal Sentinel: Bice: Senate candidate Eric Hovde has learned to love tax credits for solar energy he used to hate
By: Daniel Bice | April 15, 2024

  • Back in 2012, Republican U.S. Senate candidate Eric Hovde said he was “wholeheartedly” opposed to tax credits for green energy — much to the delight of the conservative audience at a GOP primary debate.

  • “This is crony capitalism at its worst,” Hovde said. He also took shots online at one of his opponents for taking such credits.

  • Now Hovde has flipped the switch.

  • Back in 2012, Hovde started pitching his bank clients on “big solar green energy tax credits.” A year later, Hovde’s Sunwest Bank launched a Solar Finance division: “Commercial solar loans allow building owners to take advantage of tax credits and depreciation.”

  • Last year, Sunwest committed to funding more than $200 million in commercial solar projects annually and pointed to solar credits contained in President Joe Biden’s Inflation Reduction Act: “We are always looking for ways to save our clients time and money, as well as make their businesses more efficient.”

  • So what happened? Why are Hovde’s Utah-based banks so fired up about tax credits for those using solar power?

  • His critics say it’s all about the bottom line. He likes solar energy now because his banks can profit from it. […]

  • Here, for example, is Alexandra De Luca, vice president of communications at American Bridge, a liberal group, on Hovde’s newfound support of solar energy tax credits.

  • “He’s a rich guy who wants to be richer, and now wants to be in the U.S. Senate, and will do and say anything to make that happen,” De Luca said. “What this has shown is that you can’t trust Hovde to tell the truth, act in anyone’s interest outside of his own, or be transparent about the issues facing Wisconsinites.”

Read the full article here.

Published: Apr 15, 2024 | Last Modified: Apr 29, 2024

Jump to Content