DOE announces $150MM in clean energy tax credits

The U.S. Department of Energy (DOE) announced it will fund $150 million in tax credits toward clean energy projects.

The clean energy tax credits, provided through the Advanced Energy Manufacturing Tax Credit program, will help businesses invest in manufacturing equipment and improve their capabilities in developing innovative energy technologies. The tax credits be awarded for domestic manufacturing of a wide range of clean energy technologies including wind energy and smart grids.

"Cost-effective, efficient manufacturing plays a critical role in continuing U.S. leadership in clean energy innovation, and the tax credits announced today will help reduce carbon pollution from our vehicles and buildings; create new jobs and supply more clean energy projects in the United States and abroad with equipment made in America," said Energy Secretary Ernest Moniz.

The DOE said clean energy projects will also include fuel efficient vehicles. During October, the average fuel economy of new vehicles sold was 24.8 miles per gallon - an increase of 4.7 mpg since researchers at the University of Michigan Transportation Research Institute began recording data on gas mileage.

More information on government incentives for energy technology can be found on PennEnergy Research

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