US House bill includes USD 3bn for solar production

Jan 28, 2022 01:39 PM ET
  • The US House of Representatives today introduced the America COMPETES Act of 2022 that looks for to bolster the nation's supply chain as well as competition, and also includes USD 3 billion (EUR 2.7 bn) for solar production.
US House bill includes USD 3bn for solar production
Image: Eleleleven

The bill consists of USD 52 billion to increase US manufacturing of chips and also USD 45 billion to enhance domestic supply chains.

" This regulation enhances our nation's supply chains so much more vital goods are manufactured right here in the United States as opposed to China," claimed Energy as well as Commerce Committee Chairman Frank Pallone, Jr

The bill authorizes USD 3 billion-- USD 600 million a year from fiscal year 2022 via 2026-- to help develop a domestic solar production supply chain. It envisages the provision of gives as well as straight loans for the construction of new solar component factories as well as retrofitting or expanding existing centers.

The legal bundle is your home version of the United States Innovation as well as Competition Act which came on the Senate in June 2021.

In a statement on the America COMPETES Act, US president Joe Biden said: "I'm heartened by Congress' bipartisan work so far, and also its commitment to fast action to get this to my desk immediately."


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