Senate legislation pushes investment tax credit for home, business energy storage
New legislation from U.S. Sens. Dean Heller (R-NV) and Martin Heinrich (D-NM) would establish an investment tax credit (ITC) for business and home use of energy storage.
Presently, no direct tax incentives address energy storage, despite its complementary nature for renewable energy sources like solar and wind. The U.S. Department of Energy itself has noted there are around 25,000 megawatts of installed energy storage currently in the United States.
“In a state with immense renewable energy potential, like Nevada, utilizing energy storage technologies is critical to the affordability, efficiency, and reliability of our electrical grid,” Heller, chairman of the Senate Finance Committee’s Subcommittee on Energy, Natural Resources and Infrastructure, said. “The bipartisan Energy Storage Tax Incentive and Deployment Act will help attract investment to Nevada and allow our constituents to see real savings in their monthly bills.”
The legislation proposes ITCs modeled on those granted for solar energy. Either large, grid-connected energy storage systems or their smaller battery counterparts would be eligible.
“I continue to be incredibly excited by the potential for innovative energy storage technologies to improve the efficiency, reliability, and resiliency of our electric delivery systems that power homes and businesses,” Heinrich said. “Widespread use of energy storage could help integrate renewable energy sources into our grid, support more robust microgrids, and optimize the operation of all types of power generating sources.”
The pair of senators introduced a similar bill last year, though it failed to gain the necessary support.
