U.S. Reps. Ryan Costello (R-Penn.) and Mike Doyle
(D-Penn.) last week introduced a House bill that would create a new investment
tax credit for energy
storage.
“Supporting and encouraging the use of innovative energy
technologies can help lower energy costs and improve grid resiliency,” Costello
said in a statement. “When paired with recent advancements in clean and
renewable energy choices, energy storage can strengthen the security
of our electric grid, offer consumers greater
choice, and lower the cost of energy bills.”
According to Costello’s office, the Energy Storage Tax
Incentive and Deployment Act of 2017 is modeled on the existing investment tax
credits for solar energy and can apply to large, utility-scale energy storage
projects or smaller battery systems for residential use. The current tax code
allows an ITC for energy storage when it is installed in conjunction with a
solar energy system. The new bill would extend the ITC for energy storage
investments in a wider range of applications and provide greater clarity and
assurance to prospective investors.
The legislation is a companion to an identical bill
introduced in the U.S. Senate earlier
this year.
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