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As part of the Recovery Act, these tax credits are focused on putting Americans back to work by building a robust domestic manufacturing capacity to supply clean and renewable energy projects with American made parts and equipment. These credits are also an important step towards meeting the President’s goal of doubling the amount of renewable energy the country uses in the next three years with wind turbines and solar panels built right here in the United States.
“Building a robust clean energy sector is how we will create the jobs of the future,” said President Obama. “The Recovery Act awards I am announcing today will help close the clean energy gap that has grown between America and other nations while creating good jobs, reducing our carbon emissions and increasing our energy security.”
“By investing in innovative clean energy manufacturing projects like these, we are not only creating good jobs now, but helping lay a new foundation to keep America competitive in the 21st century economy,” said Vice President Biden. “This is what the Recovery Act is all about.”
"There is no greater priority for this Administration than getting Americans back to work," said Treasury Secretary Tim Geithner. "The awards announced today, together with the more than $5 billion in private sector capital spurred by our investment, will drive significant growth in the renewable energy and clean technology manufacturing sectors, good jobs, an energized private sector marketplace and a leadership role for the U.S. in these crucial high-growth markets."
"The world urgently needs to move toward clean energy technologies, and the United States has the opportunity to lead in this new industrial revolution," said Secretary Chu. "Today's awards will create new jobs and jumpstart the industries we need to both solve the energy problem and ensure America's future competitiveness."
This effort, along with other Recovery Act investments, will drive significant growth in the renewable energy and clean technology manufacturing sectors and give the United States the ability to lead globally in these markets. The investment tax credits, worth up to thirty percent of each planned project, will leverage private capital for a total investment of nearly $7.7 billion in high-tech manufacturing in the United States.
The projects address the broad spectrum of manufacturing capabilities needed to support a robust clean energy economy. The projects were competitively selected through a rigorous merit review process and the companies chosen say they will create more than 17,000 jobs in some of the fastest growing parts of our economy.