by Shane Henson — February 15, 2013—The U.S. Departments of Energy (DOE) and the Treasury have announced the availability of $150 million in Advanced Energy Manufacturing Tax Credits for clean energy and energy efficiency manufacturing projects across the United States. This tax program is focused on strengthening America’s global competitiveness in clean energy manufacturing, increasing energy security, and creating new jobs and opportunities for American workers, says the DOE.
Implemented in 2009, the Advanced Energy Manufacturing Tax Credit was established by the American Recovery and Reinvestment Act to support investment in domestic clean energy and energy efficiency manufacturing facilities through a competitively awarded 30 percent investment tax credit. The initial round provided $2.3 billion in credits to 183 projects across the country. The $150 million in tax credits are being made available today because they were not used by the previous awardees, says the DOE.
The program supports manufacturing of a range of clean energy products, from renewable energy equipment to energy efficiency products to advanced energy storage and carbon capture technology.
Through the DOE investing in clean energy, and more businesses using alternative means to produce electricity, over the past four years, the United States has more than doubled clean, renewable energy generation from wind, solar, and geothermal sources, and has strengthened its position as a global leader in the clean energy race, says the DOE. At the same time, the American manufacturing sector has begun to rebound, with 500,000 manufacturing jobs added since the beginning of 2010. The DOE says these tax credits will help continue this growth, while enhancing the country’s energy security and boosting local economic development.
