Published: 11 December 2018 11 December 2018
Making stand-alone energy storage systems eligible for a federal Investment Tax Credit (ITC) would create jobs and help modernise the US electricity grid, according to over 150 companies and industry groups representing storage, wind, solar, hydro, manufacturing and other sectors.
These businesses issued a letter to Congressional leadership in support of The Energy Storage Tax Incentive and Deployment Act (S. 1868 & H.R. 4649), which would ensure a level playing field for energy storage to compete with all other energy resources currently eligible for the ITC. Current law only allows energy storage to qualify for an ITC when paired with a solar project under certain circumstances. Storage is a foundational component of a more robust electric grid, helping to balance power supply and demand instantaneously by storing electricity from low-cost energy sources and releasing that power during periods of high demand. When emergencies strike, energy storage can provide invaluable storm resiliency and backup power.