Quantcast

Feds Provide $150 Million in Clean Energy Tax Credits

Business

Photo courtesy of Shutterstock

The transition to renewable energy that everybody from college professors to the president speaks about won't happen without manufacturing more of the technology needed to make it possible.

That's why the U.S. Department of Energy (DOE) announced today that it would provide $150 million in tax credits to companies that will manufacture a variety of clean energy components.

"Cost-effective, efficient manufacturing plays a critical role in continuing U.S. leadership in clean energy innovation, and the tax credits announced today will help reduce carbon pollution from our vehicles and buildings; create new jobs and supply more clean energy projects in the United States and abroad with equipment made in America," said Energy Secretary Ernest Moniz.

The DOE collaborated with the U.S. Department of Treasury to launch and award the funds. The Advanced Energy Manufacturing Tax Credit authorized the treasury department to provide developers with an investment tax credit of 30 percent for the manufacture of equipment for the wind power, green building, hydropower and electric vehicle industries.

At $30 million, Ford Motor Co., Corning Inc. and Cree Inc. are all tied for the largest credits of the 12 awarded. Here's a look at those companies' plans:

  • Corning will expand the manufacturing capacity of its diesel emissions control products facility in Erwin, NY. The site and infrastructure improvements support global demand for ceramic substrates and filters for heavy-duty diesel engine, truck, construction and agricultural equipment, which will decrease emissions. Corning’s project is expected to provide 200 to 250 permanent manufacturing and warehouse jobs and 275 temporary construction jobs.

  • Cree will use its credit to expand manufacturing in Durham, NC and Racine, WI. The company will purchase and install machinery needed to produce 304 million LED lighting systems.
  • Ford transformed its Michigan Assembly Plant (MAP) in Wayne, MI, from a truck and SUV factory to the world’s manufacturing facility for multiple electrified vehicles. MAP now produces plug-in hybrids, hybrids, EcoBoost, and full battery electrics. Ford will invest its tax credit in electric vehicles

Visit EcoWatch’s RENEWABLES page for more related news on this topic.

EcoWatch Daily Newsletter

Arx0nt / Moment / Getty Images

By Alina Petre, MS, RD

Vitamin D, also known as the sunshine vitamin, is a fat-soluble vitamin essential for optimal health.

Read More
Plastic waste that started as packaging clogs tropical landfills. apomares / iStock / Getty Images

By Clyde Eiríkur Hull and Eric Williams

Countries around the world throw away millions of tons of plastic trash every year. Finding ways to manage plastic waste is daunting even for wealthy nations, but for smaller and less-developed countries it can be overwhelming.

Read More
Sponsored
Pexels

By Katherine Marengo, LDN, RD

In recent years, functional foods have gained popularity within health and wellness circles.

Read More
Despite fierce opposition from local homeowners, a section of the SUNOCO Mariner II East Pipeline cuts through a residential neighborhood of Exton, PA. Erik McGregor / LightRocket / Getty Images

By Jeff Turrentine

To celebrate the 50th birthday of one of America's most important environmental laws, President Trump has decided to make a mockery out of it.

Read More
With well over a billion cars worldwide, electric vehicles are still only a small percentage. An economist from the University of Michigan Energy Institute says that is likely to change. Maskot / Getty Images

In 2018, there were about 5 million electric cars on the road globally. It sounds like a large number, but with well over a billion cars worldwide, electric vehicles are still only a small percentage.

Read More