The tax program aims to strengthen U.S. global competitiveness in clean energy manufacturing, increase energy security and create new jobs and opportunities for American workers.
The tax credit was established by the American Recovery and Reinvestment Act to support investment into domestic, clean energy and energy efficiency manufacturing facilities via a competitively awarded 30% investment tax credit. The initial round provided $2.3 billion in credits to 183 projects across the U.S. and $150 million in tax credits that have not been used by previous awardees have been made available today.
The $150 million tax credits will be allocated on a competitive basis. The DOE will assess the projects based on commercial viability, domestic job creation, technological innovation, speed to project completion and potential for reduction of air pollution and greenhouse gas emissions. Additional factors include diversity of geography, technology and project size as well as regional economic development. The application period for certification began yesterday and will end July 23, 2013.
The program supports a wide range of clean energy production, from renewable energy equipment to energy storage and carbon capture technology.
"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," said Acting Secretary of the Treasury Neal S. Wolin. "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."