Solar and Wind Tax Breaks Coming to Arizona, Rest of U.S.
Hot on the heels of President Barack Obama’s $2.3 billion Recovery Act Advanced Energy Manufacturing Tax Credits for spurring renewable energy development and clean-energy jobs arrives news, courtesy of the Arizona Republic, detailing how Arizona will be among the many states to benefit from the initiative.
Six solar power equipment companies in Arizona’s Phoenix metro area,for example, are earmarked to receive $30 million in federal taxcredits should they be built. Not only more solar power resources, butalso higher-paying manufacturing jobs would ensue. A further $45million in tax breaks is on the table for five Arizona companies,should they expand solar equipment or wind turbine facilities in otherstates. Details are forthcoming, however, as locations for theprojects—and even the projects themselves—have yet to be confirmed.Still, it’s a great jolt of energy (if you’ll excuse the pun) to theArizona renewable energy sector, which is still in the aggressivestages of growth.
Of course, Arizona isn’t the only state poised to benefit. Over 500applications for $8 billion in federal tax credits poured into the U.S.Department of Energy, which ended up selecting 183 projects, spreadacross 43 states. The Obama Administration announced the tax credityesterday, with President Obama stating, “building a robust cleanenergy sector is how we will create the jobs of the future, jobs thatpay well and can’t be outsourced.”
From the White House press release:
This effort, along with other Recovery Act investments,will drive significant growth in the renewable energy and cleantechnology manufacturing sectors and give the United States the abilityto lead globally in these markets. The investment tax credits, worthup to thirty percent of each planned project, will leverage privatecapital for a total investment of nearly $7.7 billion in high-techmanufacturing in the United States.
While the tax credit figures for Arizona businesses are nothing toscoff at, they are eclipsed by the amount of federal tax supportMichigan will be receiving: $224 million,to boost solar panel and wind turbine production. The companypositioned to benefit the most in the state is perhaps HemlockSemiconductor, which successfully cinched a $141.9 million tax break togrow its solar panel plant.
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