Summary
– President Biden’s Investing in America Agenda supports new projects in clean energy, grid transformers, EV chargers, and solar components
– 35 projects across 20 states received a total of $1.93 billion in allocations for clean energy projects through the Qualifying Advanced Energy Project Credit
– Projects aim to revitalize local economies with clean energy jobs, with a focus on grid components, electric vehicle components, and critical minerals processing
– The projects are located in traditional energy communities and must meet prevailing wage and registered apprenticeship requirements
– The projects will help create pathways for training and employment in the clean energy and manufacturing sectors, benefiting local communities and workers.
Article
The U.S. Department of Energy has announced 35 projects across 20 states that have received a total of $1.93 billion in allocations of the Qualifying Advanced Energy Project Credit (48C). These projects are aimed at accelerating clean energy manufacturing and recycling, reducing greenhouse gas emissions, and revitalizing local economies with clean energy jobs. The projects focus on grid components, electric vehicle chargers, solar components, clean steel, critical materials processing, and other clean energy products. Seven of the projects are located in traditional energy communities, supporting the administration’s commitment to invest in communities that have relied on fossil fuels in the past.
The Qualifying Advanced Energy Project Credit (48C) is part of President Biden’s Investing in America agenda and aims to provide an investment tax credit of up to 30% for qualifying projects. The projects announced include initiatives in clean energy and clean vehicle manufacturing, grid components and modernization, critical minerals and materials, and industrial decarbonization. These projects will support the production of clean energy products and materials, improve grid resiliency, increase U.S. production of critical minerals, and reduce emissions in industrial facilities.
The projects announced will create more pathways for training and employment in the clean energy and manufacturing sectors, ensuring that communities benefit from the economic growth of the clean energy economy. Partnerships with training and education organizations will help develop a skilled workforce to support these projects. Community benefit agreements, project labor agreements, and impact agreements will ensure that workers and local communities receive specific benefits from these projects. Companies interested in being listed as recipients of the 48C program can submit an opt-in form to the Department of Energy.
The U.S. Department of Treasury and Internal Revenue Service are expected to issue guidance for the second round of the 48C program in the coming weeks. Companies interested in participating in the program can submit concept papers during the submission window expected to open this summer. The program is managed by the DOE’s Office of Manufacturing and Energy Supply Chains, with a focus on driving innovation and investment in clean energy manufacturing and critical materials processing. The projects announced aim to lower energy costs for American families and businesses while supporting the transition to a clean energy economy.
Overall, the announced projects represent a targeted investment in energy communities and manufacturing across the nation to power the country for the next century. By supporting projects in clean energy manufacturing, grid modernization, critical materials processing, and industrial decarbonization, the Biden-Harris Administration is working towards building a clean energy economy that benefits all communities and creates good-paying jobs in vital fields like clean energy manufacturing. The projects announced are at the forefront of driving innovation and investment in areas that have long been dependent on fossil fuel production, ensuring a sustainable future for the country.
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