$150M NEW ENERGY MANUFACTURING TAX CREDITS RELEASED

Energy Department, Treasury Announce Availability of $150 Million in Tax Credits for Clean Energy Manufacturers

February 7, 2013 (Energy Efficiency and Renewable Energy Program/U.S. Department of Energy)

“As part of President's Obama's all-of-the-above approach to American energy, the U.S. Departments of Energy and the Treasury…[has made] $150 million in Advanced Energy Manufacturing Tax Credits for clean energy and energy efficiency manufacturing projects across the United States…

“The [48C] Advanced Energy Manufacturing Tax Credit was established by the American Recovery and Reinvestment Act [in 2009] to support investment in domestic clean energy and energy efficiency manufacturing facilities through a competitively-awarded 30% investment tax credit. The initial round provided $2.3 billion in credits to 183 projects across the country…[These] $150 million in tax credits…were not used by the previous awardees.”

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“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. At the same time, the American manufacturing sector has begun to rebound, with 500,000 manufacturing jobs added since the beginning of 2010. These tax credits will help continue this growth…

“…These 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 will also consider additional factors including diversity of geography, technology, project size, and regional economic development…”

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