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The STORAGE Act would provide a tax credit to individuals and businesses when they purchase energy storage systems.
Energy storage systems allow consumers to keep excess energy generated by things like solar panels or wind turbines when energy is in low demand and then use it during periods of peak demand, reducing consumers’ electricity bills and greatly enhancing the reliability of alternative energy sources.
“We need to do more to create new green jobs and promote clean, renewable energy,” said Congressman Thompson. “These tax incentives will help save people money on their electricity bills while also helping our environment, which is a win-win. It will also spur innovation, because it incentivizes the development and use of new technologies.”
Businesses and individuals would both be eligible for tax credits under the STORAGE Act. Businesses and factories that generate energy via large compressed air systems, flywheels, and large arrays of fuels cells and batteries would be eligible for a 20 percent tax credit. Households and businesses that purchase energy storage systems for their property would be eligible for a 30 percent tax credit.
The tax credits would also help improve our alternative energy infrastructure.
The current alternative energy electricity infrastructure is highly inefficient. Right now, alternative energy sources are often shut down if the energy cannot be used immediately.
Energy storage systems can help fix this problem by storing energy temporarily and delivering it when it is needed. Energy storage systems also help cope with peak demand.
By allowing consumers to store energy, rather than draw on the system during peak demand time, it can reduce the number of power plants that are needed.
This bill will be assigned to the House Ways & Means Committee. Companion legislation has been introduced in the Senate by Senator Ron Wyden.
