Exciting Partnership in Solar Manufacturing
By Nichola Groom
(Reuters) – Two innovative solar manufacturers have announced a strategic collaboration to produce cutting-edge panels that will empower U.S. solar project developers to take advantage of a lucrative new federal subsidy for American-made clean energy equipment.
Building a Strong Domestic Solar Manufacturing Industry
The partnership between Georgia-based Suniva and Canada’s Heliene, with operations in Minnesota, highlights the success of Inflation Reduction Act (IRA) subsidies in fostering a competitive domestic solar manufacturing industry to rival China.
Treasury Secretary’s Support
Treasury Secretary Janet Yellen praised the agreement, emphasizing the positive impact of IRA tax credits in reviving the struggling U.S. solar industry. She mentioned the significant job losses in solar manufacturing between 2016 and 2020, which are now being addressed.
Boosting Solar Project Capacity
Through a $400 million deal spanning three years, Suniva will provide cells to Heliene for panel assembly. This collaboration is expected to support up to 2 gigawatts of solar projects, enough to power approximately 350,000 homes.
Advantages of Domestic Content
Developers using panels with American-made cells can claim a 10% tax credit under the Treasury Department’s rules. This bonus credit, introduced in the 2022 IRA, aims to promote domestic content utilization in the solar industry.
Impact of the Inflation Reduction Act
CEO Cristiano Amoruso of Suniva highlighted the effectiveness of the IRA and Treasury’s guidance on domestic content. This partnership signifies a significant step towards revitalizing cell manufacturing in the United States.
Additional tax credits
The domestic content bonus credit complements the existing 30% IRA tax credit for renewable energy facilities, providing further incentives for sustainable energy projects.
(Reporting by Nichola Groom; Editing by Bill Berkrot)
Read More of this Story at kdal610.com – 2024-03-27 10:36:06
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