This State funded rebate is great news for people looking to add energy storage to their solar energy systems. If enacted, SB 700 will provide up to $700 million in rebates for residential energy storage over the course of 10 years.
Last year in 2017, the California Assembly shelved the residential storage rebate bill off the agenda, delaying it until August 2018. Bernadette Del Chiaro, the executive director for the California Solar and Storage Association states, “SB 700 will do for storage what SB 1 did for solar over a decade ago, namely create a mainstream market by driving up demand and driving down costs all while creating jobs and clean energy choices for consumer.” This bill is designed to extend the Self-Generation Incentive Program (SGIP) with the focus of reducing the cost of energy storage systems when paired with a solar energy system.
Prices for energy storage can be prohibitive for some customers due to the high cost of emerging technology. SB-700 helps alleviate this entry of barrier by offering up to a 50% rebate for installing an energy storage system for your home!