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Wednesday, July 20, 2016
Lawmakers Propose Investment Tax Credit For Energy Storage | Solar Industry
U.S. Sen. Martin Heinrich, D-N.M., a member of the Senate Committee on Energy and Natural Resources, has introduced legislation that would establish an investment tax credit (ITC) for the deployment of energy storage in both homes and businesses.
The Energy Storage Tax Incentive and Deployment Act, S.3159, is co-sponsored by U.S. Sens. Dean Heller, R-Nev.; Brian Schatz, D-Hawaii; Al Franken, D-Minn.; Jeff Merkley, D-Ore.; Angus King, I-Maine; Jack Reed, D-R.I.; and Mazie K. Hirono, D-Hawaii.
According to Heinrich, the proposed tax incentives are modeled on the current ITCs for solar energy and apply to either large, grid-connected energy storage systems or smaller battery systems for residential power.