Manufacturing & The Economy
The U.S. Departments of Energy and the Treasury announced the availability of $150 million in Advanced Energy Manufacturing Tax Credits for clean energy and energy efficiency manufacturing projects across the United States. This important tax program is focused on strengthening America's global competitiveness in clean energy manufacturing, increasing our energy security, and creating new jobs and opportunities for American workers.
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% investment tax credit. The initial round provided $2.3 billion in credits to 183 projects across the country. The $150 million in tax credits are being made available now because they were not used by the previous awardees.
Over the past four years, the United States has more than doubled clean, renewable energy generation from wind, solar, and geothermal sources. At the same time, the American manufacturing sector has added 500,000 manufacturing jobs since the beginning of 2010. These tax credits will help continue this growth, while enhancing the country's energy security and boosting local economic development.