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One of the big reasons we became a global economic leader is because we built things — cars, steel, furniture — you name it, we could build it faster and better than anyone else. In many ways, manufacturing provided us the pathway toward global economic success. Today, that global economic leadership is at a crossroads. As President Obama has said, “the nation that leads the clean energy economy will be the nation that leads the global economy.” Getting back to making things and investing in clean energy manufacturing can help put us back on top.
That’s why the clean energy manufacturing industry that is expanding across the Midwest — spurred in large part by the Advanced Energy Manufacturing Tax Credit, also known as 48C — is so important. As part of the Recovery Act, 183 projects
With manufacturing facilities already in place across the Midwest, and a skilled workforce that needs little re-training, many companies realize that it’s an ideal place to set up shop. In addition to federal investments, state and local governments have created incentives to further entice them. Each new or expanding factory will generate hundreds of jobs and, in some cases,
The Midwest’s $530 million in 48C tax credits is only a fraction of the $1.76 billion in private investments that are helping to drive the new, clean energy economy. DuPont’s new solar photovoltaic plant in Ohio was selected for a $50 million tax credit, and it will manufacture enough Tedlar, an important solar photovoltaic component, to supply roughly 50% of the current market. With demand expected to rise rapidly over the coming years, DuPont is banking on this new economy. With other companies manufacturing products that span the scope of innovative technologies — from parts for renewable energy such as wind, solar, and biomass, to components for energy efficiency products such as advanced batteries, smart grid, and vehicle technologies — the Midwest stands to benefit from 48C’s impact in kick-starting jobs, and as a leader in manufacturing for the nation’s clean energy economy.
The Advanced Energy Manufacturing Tax Credit
Andy Oare is a New Media Specialist with the Office of Public Affairs.