Clean
Energy Manufacturers Eligible for $2.3B in Recovery Act Tax Credits
Qualifying manufacturers will produce solar, wind, and geothermal energy equipment; fuel cells, microturbines, and batteries; electric cars; electric grids to support the transmission of renewable energy; energy conservation technologies; and equipment that captures and sequesters carbon dioxide or reduces greenhouse gas emissions.
Energy
Secretary Steven Chu said, "These tax credits will help create thousands
of high quality manufacturing jobs in some of the highest growth segments of
the economy. This is an opportunity to develop our global leadership in clean
energy manufacturing and build a secure, sustained base of jobs for
Authorized by the American Recovery and Reinvestment Act, this new program will provide tax credits to manufacturers who produce clean energy equipment.
Treasury
Secretary Tim Geithner said, "This partnership
between Treasury and Energy adds an important new dimension to the incentives
created in the Recovery Act to increase
The Recovery Act created a new tax credit program by authorizing Treasury to provide developers with an investment tax credit of 30 percent for facilities that manufacture particular types of energy equipment.
The manufacturing tax credit is capped at $2.3 billion, and credits are available for two years or until the cap is reached.
The announcement of the manufacturing tax credit is the next step in a new partnership between the Departments of Treasury and Energy aimed at promoting energy production and energy independence.
Tax programs have provided successful incentives for encouraging the development of renewable energy in the past - in 2006 alone, approximately $550 million in renewable energy tax credits were provided to 450 businesses.
In July, Treasury and Energy announced the availability of a payment in lieu of tax credits for facilities that produce renewable energy, a program that is expected to result in more than $3 billion of stimulus for energy development in rural and urban communities.
Companies can expect to receive payments within 180 days of filing for the credit. To view the program summary and guidance for applying for the tax credit, please visit the Advanced Energy Manufacturing Tax Credit (48C) page.
Solar Energy Industries Association President and CEO Rhone Resch said the tax credit will put America back on track for global leadership in solar manufacturing.
"This
program will attract billions of dollars of investment in manufacturing
facilities in the
"We expect solar-related provisions in the stimulus bill like this one to create 110,000 jobs in the solar industry in 2009 and 2010 combined," he said. "This news is especially welcome as unemployment hovers near 10 percent nationally."
Resch pointed to new solar manufacturing facilities built
in the past year across the country as evidence of the growth potential of the
solar industry. "From the Schott Solar plant in
Schott
Solar’s
The
Schott factory has put more than 300 people to work and represents an initial
investment of over $100 million in the
This announcement was one of four clean energy and energy efficiency funding announcements the Obama administration made this week.
On
Thursday, Secretary Chu said the Department of Energy is providing more than
$66 million in Recovery Act funding to expand weatherization assistance
programs in
The funding, along with additional funds to be disbursed after the states meet certain Recovery Act milestones, will help these states weatherize about 26,300 homes, lowering energy costs for low-income families, reducing pollution, and creating green jobs.
Also
Thursday, Secretary Chu announced up to $13.6 million in multi-year funding for
new clean energy projects on tribal lands. Thirty-six Native American tribes
and
"These
projects will create jobs and economic opportunities on tribal lands, while
protecting our planet and reducing our dependence on foreign oil," said
In
The Energy Department selected the 36 projects through a competitive process and will provide financial assistance to the tribes for weatherization training, feasibility studies, deployment of renewable energy and energy efficiency measures. The federal funding is expected to be matched by up to $27 million in public and private investment, for a total value of up to $41 million.
And
today, Secretary Chu announced more than $119 million in Recovery Act funding
to support energy efficiency and renewable energy projects in
"This funding will provide an important boost for state economies, help to put Americans back to work, and move us toward energy independence," said Chu. "It reflects our commitment to support innovative state and local strategies to promote energy efficiency and renewable energy while insisting that taxpayer dollars be spent responsibly."
Return to Environmental Update
Return to Homepage
Roubidoux
True tales of the Huckleberry Finn type adventures of a boy who journeys from
delinquency in California to Southern culture in the Missouri Ozarks. Although told
through the eyes of a twelve year old who never grows old, much of the real life
adventure is emotionally timeless with appeal to all ages. Brutally honest at
times but never off colored.
A sample from Roubidoux may be read here.
The book may be ordered here.
Do you know that your body is naturally acidic which makes you susceptible to all manner of unhealthy conditions and illnesses? By making your body alkaline instead of acidic you mitigate these potential health problems. One way of doing this is to drink alkaline water. The above machine is called the "Athena" and makes tap water into pure, clean alkaline water. It's rather expensive, but it's the best in the world. Isn't your health worth it? Click here to learn more and order it.
