An additional $5 billion in clean energy tax credits proposed by the Obama Administration are expected to generate an additional $15 billion in private investment, if Congress approves the plan, reports Reuters.
Wind, geothermal and solar projects are expected to the chief beneficiaries of the program, reports the New York Times’ Dealbook.
The general manufacturing and construction industries also are likely to benefit from the tax credits, according to the U.S. Glass News Network. The credits would give more impetus to manufacturers who have been reticent to expand their factories, fearing slack since existing credits had run out.
A similar $2.3 billion tax credit was part of the stimulus package earlier this year. Vice President Joe Biden said that the number of applications for the first round of tax credits illustrated that the idea was an “overwhelming success,” reports Associated Press, via Google.
The first round of credits drew more than 1,000 applications, 600 of which were deemed acceptable. Yet not near that many were approved because funds ran out, according to Dealbook.
In addition to the $5 billion proposed Dec. 16, the Obama Administration is considering taking up to $150 billion left over from the $700 billion financial bailout to put toward public works projects, small business tax cuts and incentives for homeowners who retrofit their houses for energy efficiency, according to AP.
In other news about energy efficiency, President Obama on Dec. 16 visited a Home Depot store, where, on the topic of retrofitting buildings, he said: “Here’s what’s sexy about it. Saving money.”
Here’s a video from his visit.