The GridWise Alliance congratulates the Senate Finance Committee for advancing the Clean Energy for America Act, tax legislation that includes an extension and expansion of the Section 48C Advanced Manufacturing Tax Credit. First enacted as part of the American Recovery and Reinvestment Act, the Section 48C Advanced Manufacturing Credit provided a 30 percent investment tax credit to 183 domestic clean energy manufacturing facilities valued at $2.3 billion.
“The Section 48C advanced manufacturing tax credit is an important incentive to support clean energy jobs and economic growth in the US,” said GridWise Alliance CEO Karen Wayland. “The extension of the Section 48C advanced manufacturing tax credit is also important to developing cutting edge products that can help modernize the US’s electric grid.”
GridWise Alliance also commends the Senate Finance Committee for making qualifying grid improvements, such as energy storage projects, eligible for a 30 percent investment tax credit (ITC). Allowing energy storage to qualify for an ITC will treat the technology similar to other clean energy technologies and incentivize investments in new projects that will support the transformation of the grid and bolster electric reliability and resiliency.
Now that the Senate Finance Committee has acted, GridWise Alliance calls on Congress to pass legislation making essential investments in the grid, including extending the Section 48C advanced manufacturing tax credit and establishing a new energy storage incentive. Last December, GridWise Alliance released its comprehensive “Policy Framework for Grid Investments in Economic Recovery”, which specifically outlines the need for $50 billion in federal spending for grid modernization.
About GridWise Alliance
The GridWise Alliance (GWA) represents the broad and diverse stakeholders that design, build, and operate the electric grid. Since 2003, the GridWise Alliance has been at the forefront of educating key industry stakeholders on the critical need to modernize our nation’s electricity system. For more information about the GridWise Alliance, visit: www.gridwise.org.