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Back You are here: Home Politics Funding & Incentives $150 million tax credits available for American clean energy technology manufacturing

Funding & Incentives

$150 million tax credits available for American clean energy technology manufacturing

Clean power and energy efficiency manufacturing projects across the United States will be able to avail $150 million worth of tax credits.

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The grant will be provided by the Department of Energy’s Advanced Energy Manufacturing Tax Credits program, which aims to strengthen the country’s global competitiveness in clean energy manufacturing.

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The program was established through the American Recovery and Reinvestment Act to support investment in domestic, clean energy and energy efficiency manufacturing facility though a competitively-awarded 30 percent investment tax credit.

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An initial round of funding has already provided $2.3 billion in credits to 183 projects across the country.

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The tax credits are allocated on a competitive basis with projects being assessed on their commercial viability, domestic job creation, technological innovation, speed to project completion, and potential for reducing air pollution and greenhouse gas emissions.

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Manufacturing facilities that will be considered for the tax credits would cover the production of renewable energy equipment, electric grids and storage for renewables, fuel cells and microturbines, energy storage systems for electric and hybrid vehicles, carbon dioxide capture and sequestration tools, equipment for refining or blending renewable fuels, equipment for energy conservation, and other equipment for projects designed to reduce greenhouse gas emission.

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The application period for this new round of tax credits is from February 7 to July 23 of this year. – EcoSeed Staff

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