President Obama announces $2.3 billion in renewable energy manufacturing tax credits

Earlier in August we wrote about the announcement made by the U.S. Department of Energy and the U.S. Department of the Treasury when they started accepting applications for the Recovery Act Advanced Energy Manufacturing Tax Credits, a program to make direct payments in lieu of tax credits to companies that create and place in service renewable energy facilities.

Earlier this week President Obama announced the awardees of the program, worth $2.3 billion in tax credits. The White House says “the tax credit program will help build a robust high technology, U.S. manufacturing capacity to supply clean energy projects with U.S. made parts and equipment. These manufacturing facilities should also support significant growth in U.S. exports of U.S. manufactured clean energy products.”

Commercial viability, domestic job creation, technological innovation, speed to project completion, and potential for reducing air pollution and greenhouse gas emissions are some of the criteria used to assess how the tax credits are allocated. The White House says the program was oversubscribed by a ratio of more than 3 to 1, “reflecting a deep pipeline of high quality clean energy manufacturing opportunities in the U.S.”

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