Funds to Benefit Clean Energy Manufacturing

Funds to Benefit Clean Energy Manufacturing

Tax credit will generate thousands of jobs.

President Obama has announced awardees of the clean energy manufacturing tax credit in the American Recovery and Reinvestment Act. The tax credit will provide a 30% credit for investments in manufacturing facilities for clean energy technologies at 183 locations across 43 states. According to the announcement, Recovery Act investments of up to $2.3 billion for advanced energy manufacturing facilities will generate more than 17,000 jobs. This investment will be matched by as much as $5.4 billion in private sector funding likely supporting up to 41,000 additional jobs.

 

Qualifying manufacturing facilities include the production of a wide range of clean energy products. Included are solar, wind, geothermal, or other renewable energy equipment; electric grids and storage for renewable energy: carbon dioxide capture and sequestration equipment; equipment for refining or blending renewable fuels; and other advanced energy property designed to reduce greenhouse gas emissions may also be eligible as determined by the Secretary of the Treasury. 

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