Energy Saving News
US green product manufacturers get funding from government
Manufacturers of energy-saving products in the US have received backing from the government, which has announced a multi-billion dollar tax break initiative.
The Department of Energy and the Treasury have set aside $2.3 billion (£1.4 billion) of tax credits to be awarded to manufacturers of clean-energy products that can help reduce the nation's carbon footprint.
Companies that produce clean energy equipment will be given 30 per cent investment tax credits in the initiative, which comes under the American Recovery and Reinvestment Act.
"These tax credits will help create thousands of high-quality manufacturing jobs in some of the highest growth segments of the economy," commented energy secretary Steven Chu.
He added that the development is a chance for the US to develop its "global leadership in clean energy manufacturing and build a secure, sustained base of jobs for America's workers".
The plan, which could "encourage innovation in design of clean energy technologies", according to Mr Chu, is modelled on a similar programme for renewable energy producers.
Tuesday 25th August 2009
