The Energy Storage Association (ESA), the Solar Energy Industries Association (SEIA), the American Wind Energy Association (AWEA) recently released statements applauding legislation that would make energy storage systems eligible for an investment tax credit (ITC).
Rep. Mike Doyle (D-PA) introduced the legislation, the Energy Storage Tax Incentive and Deployment Act, last week.
“We commend Congressman Doyle for his leadership in the introduction of today’s legislation, which if enacted, would immediately boost investment in the energy storage industry and create even more economic opportunity,” ESA CEO Kelly Speakes-Backman said. “It is a simple and impactful clarification of the current investment tax credit that would ensure equitable access for standalone storage and send long-term investment signals to an industry that supports tens of thousands of jobs nationwide. We thank Congressman Doyle for addressing this critical issue for the resiliency, efficiency, sustainability and affordability of our electric system.”
Under current law, energy storage systems only qualify for an ITC if paired with a solar project under certain circumstances. AWEA CEO Tom Kiernan said that accelerated energy storage investment would lead to new wind farm development and job creation.
“We applaud Representative Doyle for his effort to modernize the U.S. electricity supply with the Energy Storage Tax Incentive and Deployment Act,” Kiernan said. “Like the power transmission lines that make up the grid, energy storage is a catalyst technology that makes the entire electricity supply more affordable and reliable. Expanding investment tax credit eligibility to all energy storage technologies would spark new clean energy infrastructure investment, grow American jobs, and help ensure our electricity supply is ready for future challenges.”
SEIA President and CEO Abigail Ross Hopper noted that an energy storage ITC would benefit a wide range of energy sources, including solar.
“We congratulate Rep. Doyle for introducing this critical legislation,” Hopper said. “It’s clear that combining clean, reliable solar energy with effective storage is the next frontier in securing a resilient and reliable electrical grid. Encompassing multiple technologies, energy storage systems save excess energy and convert it back to electricity when most needed. A storage ITC benefits not only solar but also energy from a wide range of sources, helping to meet the nation’s current and new electricity demands.
“As we work with Congress on a range of tax policies to meet Americans’ growing demand for development and deployment of clean energy resources like solar, making energy storage ITC-eligible is an important component of those solutions,” Hopper added.
Reps. Linda Sanchez (D-CA) and Earl Blumenauer (D-OR), who both serve on the House Ways and Means Committee, are also original cosponsors of the bill.