November 21, 2011

USA: Bipartisan tax credit would open market for energy storage

The Electricity Storage Association (ESA) applauds Senators Ron Wyden (D-OR), Susan Collins (R-ME) and Senate Energy Chairman Jeff Bingaman (D-NM) for introducing the Storage Technology for Renewable and Green Energy Act of 2011 (STORAGE). This investment tax credit for energy storage technologies of all types is expected to jump start an industry that has enormous potential to increase the reliability, security and efficiency of our nation's electric grid.

"We are so pleased with the interest and leadership of Senator Wyden on the issue of energy storage," says Brad Roberts, Executive Director of the ESA. "Energy storage technologies help all resources—whether renewable, natural gas, coal or nuclear—run more smoothly. Our innovations have been tested on the grid and proven to be of enormous benefit; this tax credit will help developers secure private sector equity and debt financing for their projects."

"We have worked hard with these Senators and many others we expect to support energy storage legislation in both the House and Senate," says Katherine Hamilton, Policy Director of the ESA Advocacy Council. "It is to their credit that these policymakers were able to craft a bill that is targeted in size and yet has the potential to move the market for so many U.S. innovators."

Hamilton expects that a House companion bill will be introduced shortly; she has experienced nearly unanimous positive feedback on both sides of the aisle for energy storage. "It just makes sense," says Hamilton. "Energy storage is a complementary technology that enhances the performance of all sources of electric generation from wind and solar to nuclear, coal and natural gas. This investment tax credit is smart public policy."

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