More Tax Credits Offered for Clean Energy Industry

The U.S. Department of Energy announced this week that it will be providing $150 million in Advanced Energy Manufacturing Tax Credits for clean energy and energy efficiency manufacturing projects across the country. Here are the details.

* The Advanced Energy Manufacturing Tax Credit was established by the American Recovery and Reinvestment Act in order to support domestic clean energy and energy efficiency manufacturing facilities, the department reported. The credit is awarded through a competitive process.

* This $150 million round of funding is the second round for the program, the department reported. An initial round provided $2.3 billion in credits to 183 projects. This newest round of credits is being made available because some of the credits were not used by previous awardees.

* According to a fact sheet about the tax credits, companies can make application for the credits on projects that will be assessed by the Department of Energy based on commercial viability, domestic job creation, technological innovation, speed to project completion, and potential for reducing air pollution and greenhouse gas emissions.

* Additional factors such as diversity of geography, technology, project size and regional economic development will also be considered, the fact sheet stated.

* Qualifying manufacturing facilities will include the production of clean energy products such as solar, wind, geothermal or other renewable energy equipment, electric grids and storage for renewables, fuel cells and microturbines, energy storage systems for electric or hybrid vehicles, carbon dioxide capture and sequestration equipment, equipment for refining or blending renewable fuels, equipment for energy conservation, including lighting and smart grid technologies.

* According to the fact sheet, other advanced energy projects for reducing greenhouse gas emissions may also be eligible as determined by the Secretary of Treasury.

* One of the previously credited projects through the Advanced Energy Manufacturing Tax Credits program included an expansion of Itron, Inc.'s manufacturing facility in South Carolina. The company produces one of the first smart meters for the residential market.

* Another previously credited project was W.L. Gore & Associates, Inc.'s manufacturing of an advanced membrane for high efficiency fuels cells for buildings and vehicles, as well as the manufacturing of an advanced turbine filter to improve the performance of gas turbines to produce greater outputs at lower costs and reduce greenhouse gas emissions, the Department of Energy reported.

Source: http://news.yahoo.com/more-tax-credits-offered-clean-energy-industry-222900900.html

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