Wednesday Oct 05, 2022

Toledo Solar Announces Investment for Manufacturing Expansion in USA – Saurenergy

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Highlights :

  • The strategic initiative is to expand the Perrysburg, Ohio, manufacturing facility to reach 2.8 GW of manufacturing capacity by 2027.
  • Toledo Solar is one of only two domestic solar manufacturers that empower the full use of the ITC tax credit under Inflation Reduction Act of 2022.

The US-based solar panel and solar glass manufacturer Toledo Solar has announced the company’s domestic manufacturing expansion plans. Toledo said that enhancing manufacturing capacity is part of its strategic initiative to expand the Perrysburg, Ohio, manufacturing facility to reach 2.8 GW of manufacturing capacity by 2027.This is due to surging demand for solar products and in response to the newly enacted Inflation Reduction Act.

The US Congress recently passed the Inflation Reduction Act of 2022, which offers $430 billion in tax incentives to accelerate American renewable energy transition. The law wants 7.5 million more households to install rooftop solar and providing incentives to generate 950 million solar panels by 2030.

The ITC tax credit increased to 40 percent for solar panels manufactured in the U.S., a 10 percent increase from imported solar products. Toledo Solar is one of only two domestic solar manufacturers that empower the full use of this tax credit. Toledo said that the expansion of its Ohio factory will result in creation of additional 250 plus jobs by 2027.

Aaron Bates, Founder and CEO of Toledo Solar, stated, “Now that Congress and President Biden have moved forward to protect American jobs by fighting the use of slave labor overseas with the enforcement of the Uyghur Act and the leveling of the playing field in solar with the passage of the Inflation Reduction Act, Toledo Solar is going to match that dedication by committing to our domestic expansion.”

Toledo Solar was also a partner in the team that recently won a proposal to establish a Cadmium Telluride Accelerator Consortium with a funding from a $20M program that was established by the US Department of Energy’s Solar Energy Technologies Office to hasten the development of cheaper, more efficient cadmium telluride (CdTe) solar cells.

Congresswoman Marcy Kaptur stated that Ohio’s energy industry is on the move and Toledo Solar represents the best of American energy innovation

Dr. Frank Calzonetti and Dr. Michael Heben, University of Toledo, said in a joint statement, “The Wright Center for Photovoltaics Innovation and Commercialization at the University of Toledo looks forward to continuing to work with Toledo Solar to support their development through collaborative research efforts and by providing a creative and well-equipped workforce.”

Source: https://www.saurenergy.com/solar-energy-news/toledo-solar-announces-investment-for-manufacturing-expansion-in-usa

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