WASHINGTON, Aug. 13 (UPI) -- The U.S. Treasury and Energy departments said Thursday they have launched a $2.3 billion effort to provide tax credits to makers of clean energy equipment.
Using funds from the federal American Recovery and Reinvestment Act, or economic stimulus bill, U.S. Treasury Secretary Tim Geithner said in a release the tax credits will boost the development of alternative energy sources.
"This program will help encourage innovation in design of clean energy technologies," Geithner said. "This partnership between Treasury and Energy adds an important new dimension to the incentives created in the Recovery Act to improve energy efficiency, and develop alternative sources of energy."
"With the launch today of $2.3 billion in Recovery Act tax credits for green manufacturers, we are going to ramp up manufacturing of green energy materials in this country, while creating thousands of new jobs right here in our own backyard," added U.S. Vice President Joe Biden.
The 30 percent tax credit will be available to manufacturers who produce solar, wind, and geothermal energy equipment; fuel cells, microturbines, and batteries; electric cars; electric grids supporting renewable energy; energy conservation technologies; and equipment that captures and sequesters carbon dioxide or reduces greenhouse gas emissions.