As part of President Obama’s “all-of-the-above approach” to American energy, the tax programme aims to boost America’s global competitiveness in clean energy manufacturing, increasing energy security and creating new jobs.
“Since 2009, the Advanced Energy Manufacturing Tax Credit programme has supported innovative American manufacturers that boost our nation’s competitiveness in the global race for clean energy,” said Energy Secretary Steven Chu.
“These new investments will continue that momentum, supporting the President’s commitment to American-made energy, increasing energy security, and creating jobs.”
The Department of Energy notes that over the past four years, the US has more than doubled clean, renewable energy generation from wind, solar, and geothermal sources. At the same time, the American manufacturing sector has begun to rebound, with 500,000 manufacturing jobs added since the beginning of 2010.
The programme 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.
“As the economy continues to heal, the President has been clear that we have to do everything we can to boost growth and job creation today and build a more sustainable foundation for tomorrow,” added Acting Secretary of the Treasury Neal S Wolin.
“Manufacturing the clean energy products of the future in America will create good, middle-class jobs right now and help lay the groundwork for the long-term resilience of our economy.”
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 % investment tax credit. The initial round provided $2.3bn in credits to 183 projects across the country.
The $150m in tax credits are being made available because they were not used by the previous.
