Rep. Curtis introduces bill to create energy storage investment tax credit
Rep. John Curtis (R-UT) introduced on Tuesday legislation that would establish a new 30 percent investment tax credit (ITC) for owners of stand-alone energy storage property.
“My time as mayor of Provo helped me understand how much a city and its inhabitants absolutely need reliable energy sources,” Curtis said. “I am proud to introduce the INVEST Act, a bill that will not only effectively encourage the production of clean energy and reduce carbon emissions, but invest in the American economy. Being good stewards of the environment through cleaner energy and putting money back into the pockets of Utahns need not be mutually exclusive.”
H.R 5409, the Incentivizing New and Valuable Energy Storage Technology (INVEST) Act, would allow regulated utilities to use the tax credit upfront, which Curtis said would enable them to pass the benefits of the credit to customers quickly.
“The INVEST Act provides a time-limited opportunity to encourage energy storage projects that will benefit our customers and promote innovative energy breakthroughs,” Gary Hoogeveen, CEO of Rocky Mountain Power, said. “As the former leader of a municipal electric utility, Congressman Curtis likely understands better than anyone else in Congress just how critical reliable energy supply is to electricity customers. With increasing levels of low-cost renewable energy available in Utah and throughout the West, energy storage will be a critical part of our shared energy future.”
