USA - Administration Awards $2.3B in Clean Energy Manufacturing Tax Credits

Today the Department of Energy and President Obama announced the award of $2.3 billion in manufacturing investment tax credits for manufacturers of clean energy manufacturing.

The manufacturing investment tax credits, used to open, expand or re-equip a facility, are intended to grow domestic manufacturing capacity for wind power and other technologies. Included in the 183 projects are at least 50 wind-specific facilities in 20 states, with tax credits valued at over $350 million.

The $350 in credits represents nearly $1.2 billion in total wind power manufacturing facility investment. Manufacturers receiving the credit vary from turbine manufacturers opening new U.S. facilities to existing American companies re-equipping to enter the wind industry.

In response to the announcement AWEA released the following statement from CEO Denise Bode: “AWEA welcomes the Administration’s announcement of $2.3 billion in tax credits for clean energy manufacturing and President Obama’s call to Congress to provide an additional $5 billion in such credits. The U.S. wind energy industry appreciates the speed with which the Administration is providing this support. These tax credits will be critical in sustaining manufacturing activity in the current economic downturn. However, in order to maximize the renewable energy jobs expected as a result of these tax incentives, and to build up a strong renewable energy manufacturing base in the U.S., these companies need a more certain market to sell into. The industry is still vulnerable to the impacts of on-again off-again tax credit policies. A Renewable Electricity Standard (RES) with strong, aggressive near-term targets is the best way to provide the certainty needed for companies to expand domestic wind manufacturing.”

For more information please contact the AWEA at the email listed below.