Science/Environment

And Now…$2.3B To Clean Energy Providers…And Beyond

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The green energy revolution is in full swing and it’s supported by the White House.

From NY Times:

President Obama announced on Friday the award of $2.3 billion in tax credits for clean energy manufacturing — part of a broader push by his administration to stimulate job growth during the highest period of sustained unemployment in decades. […]

In a statement, Treasury Secretary Tim Geithner said the tax credits would spur an additional $5 billion of private capital investment in the clean energy manufacturing sector.

The tax credits are worth up to 30 percent of the cost of each project, resulting in a total investment of about $7.7 billion. Funding for the tax credits will come from the $787 billion economic recovery package approved by Congress in early 2009.

And this will mean jobs…

Tax credits were awarded to 183 projects in 43 states, and will create more than 17,000 jobs in clean technology manufacturing, the White House said. The projects must be in service by 2014, but approximately 30 percent of them will be completed by 2010, the administration estimated.

No doubt that this is the way forward and more companies will be jumping on this bandwagon. The question is how fast wil they adopt this tech?

More as it develops…