35 projects received $1.93 billion in tax credits to accelerate clean energy manufacturing
The U.S. Department of Energy (DOE) unveiled the 35 projects that received a total of $1.93 billion in allocations of the Qualifying Advanced Energy Project Credit (48C). Funded by the Inflation Reduction Act, 48C is an allocated tax credit that is designed to increase clean energy manufacturing and recycling, as well as reduce greenhouse gas emissions at industrial plants. To be eligible for the full 30% investment tax credit, projects are required to meet prevailing wage and registered apprenticeship requirements. The projects, which are located in 20 states, address a range of needs across the clean energy economy, including:
- Clean energy and clean vehicle manufacturing
- Grid components and modernization
- Critical minerals and materials
- Industrial decarbonization
What people are saying
In a recent quote, U.S. Secretary of Energy Jennifer M. Granholm said, “The Biden-Harris Administration is executing an industrial strategy that prioritizes rebuilding our domestic manufacturing sector, creating good-paying jobs across the country. Through the historic Advanced Energy Project Credit, we are leveraging the infrastructure, expertise, and grit of America’s energy communities—where the workers that powered our energy past, will power our energy future.”
U.S. Secretary of the Treasury Janet Yellen added, “President Biden’s economic agenda ensures all communities benefit from the growth of the clean energy economy by driving innovation and investment in areas of the country that have long been at the forefront of fossil fuel production. Investments in advanced energy projects strengthen our energy security and create good-paying jobs in vital fields like clean energy manufacturing and critical materials processing. They also allow for existing energy infrastructure to be upgraded for the clean energy economy. All of this work will help lower energy costs for American families and small businesses.”
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