Feds Provide $150 Million in Clean Energy Tax Credits
Photo courtesy of Shutterstock
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.