Wednesday 13 February 2013

US announces $150m tax credits for clean energy

The US Department of Energy and the Treasury have announced a total of $150 million (£95.8m) will be available in tax credits for clean energy projects across the country.

The ‘Advanced Energy Manufacturing Tax Credits’ is part of the nation’s plans to strengthen its global competitiveness in clean energy and efficient manufacturing and President Barack Obama’s “all-of-the-above” approach to US energy in developing all of the nation’s resources.

Acting Secretary of the US Treasury Neal S. Wolin said: “As the economy continues to heal, the President has been clear that we have to do everything we can to boost growth and job creation today and build a more sustainable foundation for tomorrow. Manufacturing the clean energy products of the future in America will create good, middle-class jobs right now and help lay the groundwork for the long-term resilience of our economy.”

The tax programme was created to support investment through a “competitively-awarded” 30% investment tax credit, with the initial round providing $2.3 billion (£1.5bn) in credits to 183 projects across the country. According to the US Department of Energy, the $150 million (£95.8m) in tax credit is currently available as they were not used by those previously awarded.