Tax Credits Available for Clean Energy Manufacturers

The U.S. Departments of Energy and the Treasury on February 7 announced the availability of $150 million in Advanced Energy Manufacturing tax credits for clean energy and energy efficiency manufacturing projects across the United States. The program supports manufacturing of a range of clean energy products, from renewable energy equipment to energy efficiency products. Established by the American Recovery and Reinvestment Act, 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 because they were not used by the previous awardees.

The tax credits will be allocated on a competitive basis. Projects will be assessed by the Energy Department 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 will also consider additional factors, including diversity of geographical locations, technology, project size, and regional economic development.