Recently, the U.S. Senate Democrats reached a budget settlement agreement that introduced $370 billion in climate and energy security measures to address issues such as energy and climate change.
It declined to be informed that Biden's previous climate bill budget of $555 billion was not passed by Congress and was cut to $370 billion in a budget settlement reached on Wednesday.
The bill would invest in hydrogen, nuclear, renewables, fossil fuels and energy storage, the report said. These include manufacturing support for solar modules and clean energy tax credits, as well as tax credits for the electric vehicle and energy storage industries.
About $30 billion of the budget will reportedly be earmarked for production tax credits to accelerate U.S. manufacturing of solar modules, wind turbines, batteries, and processing of critical minerals. In addition, the bill contains $10 billion in investment tax credits for clean-tech manufacturing of electric vehicles, wind turbines and solar panels.
The proposed tax credits for solar manufacturing are as follows:
$0.07 for a component, multiplied by the component's capacity (based on watts per DC);
$0.04 for thin film or crystalline silicon photovoltaic cells, multiplied by the cell's capacity (based on watts per DC);
Wafers are $12 per square meter;
Polymer backsheets are $0.40 per square meter
Polysilicon material is $3 per kilogram.
Despite the budget cuts, new energy industry supporters threw high praise.
SEIA President and CEO Abigail Ross Hopper said the budget will create hundreds of thousands of new jobs in the solar and energy storage industries and drive growth in U.S. energy leadership through long-term incentives for clean energy deployment and manufacturing. next era. This is a critical window of opportunity that we cannot afford to miss, and now Congress must reach a deal and pass this legislation.
The bill, the largest climate and renewable energy investment in U.S. history, would reduce U.S. carbon emissions by 40 percent from 2005 levels by 2030, according to a summary released by Senate Majority Leader Chuck Schumer's office. %. Clean energy proponents say it will go a long way toward achieving President Joe Biden's goal of decarbonizing the U.S. economy by 2050.