Sens. Jeff Bingaman, D-N.M.; Ron Wyden, D-Ore.; and Jeanne Shaheen, D.-N.H., have introduced the Storage Technology of Renewable and Green Energy Act of 2010 (STORAGE 2010 Act), which would provide tax credits for the creation of renewable energy storage.
The STORAGE 2010 Act would offer up to $1.5 billion in tax credits to storage projects that are connected to the U.S. electric grid. Increasing energy-storage capacity would help promote intermittent energy sources like solar and wind power while reducing energy demands during peak hours and contributing to a more reliable smart grid, according to Bingaman.
The legislation would introduce an investment tax credit for three categories of energy-storage facilities that temporarily store energy for delivery or use at a later time. It would also provide tax credits to businesses and homeowners who install energy storage on their own property to help serve their own energy needs more efficiently or capture energy from on-site renewable energy generation.
The STORAGE 2010 Act would provide a 20% investment tax credit of up to $30 million for storage systems connected to the electric grid. The bill will also provide a 30% investment tax credit of up to $1 million to businesses and a 30% tax credit to homeowners for on-site storage projects.
SOURCE: Office Of Sen. Jeff Bingaman