Discover our upstream and downstream technical journals

The US government has been urged to recognise the “critical role” energy storage can play in making the grid cleaner and able to accept more renewable energy, by increasing the eligibility of batteries and other technologies to receive the Investment Tax Credit (ITC).

The ITC is applicable to purchases of solar energy equipment in the US and effectively represents a 30% rebate for investors if fully realised. In recent years the policy scheme has been adjusted to include energy storage but for a long time, storage systems could only receive the Federal subsidy if installed at the same time as solar equipment.

However, a bill proposed in 2016 by Senator Martin Heinrich of New Mexico, S.1868, would amend revenue codes to apply either the ITC, similar tax relief measures or include energy stored in batteries, flywheels and pumped hydro in ‘Energy Credits’ policies. Heinrich’s “Energy Storage Tax Incentive and Deployment Act of 2017" would therefore see storage units rewarded for the energy they put into service on the grid and now has 11 co-sponsors from the Senate.

Yesterday, a joint letter was sent by the national Energy Storage Association (ESA), Solar Energy Industries’ Association (SEIA), American Wind Energy Association (AWEA), Advanced Energy Economy (AEE), National Electrical Manufacturers’ Association (NEMA), National Hydropower Association, Clearpath Action and Citizens for Responsible Energy Solutions urging Congress to support these actions.

Read the full version of this story at Energy-Storage.news

Tags: congress, senate, usa, investment tax credit, solar-plus-storage, energy-storage.news, energy storage, seia, esa

Solar Media Events

Energy Storage Summit Europe

Feb 23 - Feb 24, 2021

London, UK

The Energy Storage Summit, now in its 6th year is renowned for its quality, breadth and expertise, featuring an all-encompassing range of strategic and technical sessions on the adoption and deployment of storage. The Summit plays a pivotal role in the journey to propelling the industry into the next stage of its development, providing an unrivalled platform to develop the right partnerships and create business opportunities of all sizes. This eco-system event brings together the entire value chain including Utilities, Developers, EPCs, Investors, Manufacturers, Energy storage providers, local government and DNO’s making this one of the must–attend storage events for 2021.

Find out more

Solar Media Events

Solar & Storage Finance USA Virtual Summit

Nov 17 - Nov 19, 2020

Virtual Event

Solar & Storage Finance USA Virtual Summit, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2020 for its 7th edition!

Find out more

Comments