US Home invoice consists of USD 3bn for photo voltaic manufacturing

January 28 (Renewables Now) – The US Home of Representatives this week unveiled the America COMPETES Act of 2022 that seeks to bolster the nation’s provide chain and competitiveness, and consists of USD 3 billion (EUR 2.7bn) for photo voltaic manufacturing.

The invoice consists of USD 52 billion to spice up US manufacturing of chips and USD 45 billion to enhance home provide chains.

“This laws strengthens our nation’s provide chains so extra crucial items are manufactured right here in the US as a substitute of China,” stated Vitality and Commerce Committee Chairman Frank Pallone, Jr.

The invoice authorises USD 3 billion — USD 600 million a 12 months from fiscal 12 months 2022 by 2026 — to assist set up a home photo voltaic manufacturing provide chain. It envisages the availability of grants and direct loans for the development of latest photo voltaic element factories and retrofitting or increasing current services.

The legislative bundle is the Home model of the US Innovation and Competitors Act which handed within the Senate in June 2021.

In a press release on the America COMPETES Act, US president Joe Biden stated: “I’m heartened by Congress’ bipartisan work up to now, and its dedication to fast motion to get this to my desk as quickly as attainable.”

(USD 1 = EUR 0.896)


Leave a Reply