The U.S. Departments of Energy and the Treasury recently announced the availability of $150 million in Advanced Energy Manufacturing Tax Credits for clean energy and energy efficiency manufacturing projects across the United States.
“Since 2009, the Advanced Energy Manufacturing Tax Credit program has supported innovative American manufacturers that boost our nation’s competitiveness in the global race for clean energy,” says 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.”
“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,” adds 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 percent investment tax credit, according to a Department of Energy release. The initial round provided $2.3 billion in credits to 183 projects across the country.
The remaining tax credits will be allocated on a competitive basis. Projects will be assessed by the Department of Energy based on the following criteria: commercial viability, domestic job creation, technological innovation, speed to project completion, and potential for reducing air pollution and greenhouse gas emissions. The Department of Energy also will consider additional factors including diversity of geography, technology, project size, and regional economic development.
More information is available on the IRS website.