Investment tax credits bill aims to incentivize commercial and residential energy storage
Bipartisan legislation introduced this week by Senate Committee on Energy and Natural Resources Member Martin Heinrich (D-NM) would establish investment tax credits (ITC) for the business and home use of energy storage.
“As generation and storage technologies improve and become less expensive in the coming years, economics will drive new electrical generation consistently in the direction of clean, pollution-free power,” Heinrich said. ”Thousands of workers in New Mexico already work in the renewable energy sector, and with our incredible potential for both solar and wind and innovative research and development at our national laboratories and universities, the state is poised to become a major producer and exporter of clean power.”
ITCs are already in place for both grid-connected energy storage systems and residential battery systems, and Heinrich’s Energy Storage Tax Incentive and Deployment Act, S. 3159, seeks to guarantee that emerging storage technologies with the potential to increase the reliability of the nation’s energy grid are supported by federal policy.
“In a state with immense renewable energy potential, like Nevada, utilizing energy storage technologies are important to the affordability, efficiency, and reliability of our electrical grid,” U.S. Sen. Dean Heller (R-NV), a cosponsor of the bill, said. “The Energy Storage Tax Incentive and Deployment Act will not only attract investments to our state but will also allow for our constituents to see real savings in their monthly bills.”
