Today the President is awarding $2.3 billion in Advanced Energy Manufacturing Tax Credits – another key component of the American Recovery and Reinvestment Act that included historic investments designed to foster job creation and growth in the clean energy sector.
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.
One hundred eighty three projects in 43 states will create tens of thousands of high quality clean energy jobs and the domestic manufacturing of advanced clean energy technologies including solar, wind and efficiency and energy management technologies.
As the President has stated before, the country that leads the way in harnessing clean, renewable energy will lead the 21st century. It’s no surprise that countries around the world are taking charge in this effort. China is making record investments in energy efficiency. American innovation pioneered solar technology, but we’ve fallen behind countries like Germany and Japan in producing it.
The United States once led the way on these technologies. And because of steps like the one we’re taking today, the U.S. can lead again: we’re beginning to produce more of the batteries we use to power our hybrid cards and trucks at home; once-shuttered factories are beginning to spring back to life manufacturing materials that make our buildings and homes more efficient; and in 2008 we generated more total wind power than any other nation on Earth.
This is only the beginning and the global competition is fierce.
Programs like the Advanced Energy Manufacturing Tax Credits reveal the immense power of American innovation and ingenuity to create good jobs, and the vibrant workforce that has carried our nation to great heights before. This particular program in the Recovery Act was oversubscribed by a ratio of more than 3 to 1, reflecting a deep pipeline of high quality clean energy manufacturing opportunities in America. That is why President Obama has already called on Congress to provide an additional $5 billion to expand the program.
The President knows that these are the companies that will lead the 21st century and help America take control of our energy future to build a more secure, energy independent and prosperous nation.
Check out the map below to see where many of the tomorrow’s clean energy jobs will be created:
Carol Browner is Assistant to the President for Energy and Climate