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.