Friday, September 16, 2011

Biden announces $5 billion expansion of Advanced Energy Manufacturing Tax Credit « Climate Progress

A $5 billion expansion of clean energy manufacturing tax credits for wind, solar and electric vehicles is exactly what the doctor ordered. Vice President Biden announced today that the $2.3 billion of tax credits currently available under in the ARRA stimulus package’s section 48C Advanced Energy Manufacturing Tax Credit program will be expanded with an additional $5 billion. The additional funds will leverage $15 billion in private investment, work immediately to create new clean energy manufacturing jobs, and boost the America’s competitiveness in global clean tech innovation. This is great news for American workers, manufacturers, and technology developers. The effects on the clean-tech manufacturing sector will be deeper and more systemic than traditional jobs spending. By bringing $15 billion of private capital “off the sidelines,” the program will work to build capacity, experience, and relationships between investors and companies within the US clean-energy manufacturing sector.


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