We examine the economic effects of mandates to consume renewable energy and clean energy. U.S. state governments that adopt Renewable Portfolio Standards (RPS) see an increase in bond yields and a decrease in credit ratings. The higher cost of funding is concentrated in areas with high electricity prices. However, we observe opposite results when states introduce Clean Energy Standards (CES) that are more inclusive of a diverse group of energy sources. These results are robust in primary and secondary market transactions and extend to local municipalities and school district funding. Overall, our results highlight the costs to taxpayers of renewable and clean energy commitments.