February 28, 2024

Solid State Lighting Design

Find latest world news and headlines today based on politics, crime, entertainment, sports, lifestyle, technology and many more

The Korean solar company plans to build a $2.5 billion plant in Georgia

The Korean solar company plans to build a $2.5 billion plant in Georgia

Under the legislation, companies receive a tax credit at every stage of the supply chain. The law includes an estimated $30 billion in production tax credits to speed manufacturing of solar panels, wind turbines, batteries, and processing of critical minerals. The law also grants an investment tax rebate to companies that build factories that produce electric cars, wind turbines and solar panels.

How Times Reporters Cover Politics. We rely on our journalists to be independent observers. Therefore, while Times employees may vote, they are not permitted to endorse or campaign for candidates or for political reasons. This includes participating in rallies or marches in support of a movement or giving or raising money for any political candidate or election cause.

These and other provisions aim to reduce dependence on China, which dominates the supply chain for raw materials and essential components for batteries and solar panels. In addition to fearing that the United States was losing ground in important technologies, lawmakers were also concerned that some Chinese producers use of forced labour.

β€œI wrote and passed a law specifically designed to attract this type of manufacturing,” Mr. Ossoff said in an interview. β€œIt is the largest solar power plant in the history of the United States coming to Georgia. This economic and geostrategic competition will continue, but my law has put the United States back in the fight to ensure our energy independence.”

Lawmakers and administrations on both sides have long sought to boost the domestic solar industry, including by imposing tariffs and other restrictions on imported solar panels. But these efforts have so far yielded only modest results. Most of the solar panels installed in the United States are imported.

See also  Crypto Lender Files Genesis Trading for Bankruptcy Protection

In a statement, Biden said the new plant “will restore our supply chains so we’re not dependent on other countries, lower the cost of clean energy, and help us fight the climate crisis.” “It will ensure that we are making the latest solar technology right here at home.”

The Qcells project and others could reduce US dependence on imports, but not quickly. China and other Asian countries have made a strong start in assembling panels and producing the parts that go into them. Governments there have also used subsidies, energy policy, trade agreements and other tactics to help domestic producers.

While the inflation-lowering law has spurred new investment, it has also raised tensions between the Biden administration and US allies Like France And South Korea.