Solar, Wind Groups Support Storage Tax Credit Proposal
U.S. Rep. Mike Doyle, D-Pa., has proposed a bill that would create an investment tax credit (ITC) for energy storage systems.
The American Wind Energy Association (AWEA) – applauding the proposed legislation, The Energy Storage Tax Incentive and Deployment Act – explains that current law allows energy storage to qualify for an ITC only when paired with a solar project under certain circumstances.
“We applaud Representative Doyle for his effort to modernize the U.S. electricity supply with the Energy Storage Tax Incentive and Deployment Act,” says Tom Kiernan, CEO of AWEA. “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.”
The Solar Energy Industries Association (SEIA) is also voicing its support for the proposal.
“We congratulate Rep. Doyle for introducing this critical legislation,” comments Abigail Ross Hopper, president and CEO of SEIA. “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.”