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ARTICLE · 30 JUNE 2016

House Democrat Introduces Energy Storage Act

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The proposed bill would extend the 30% investment tax credit from renewable energy generation property to renewable energy storage property.

United StatesEnergy and Natural Resources
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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House Representative Michael M. Honda (D-CA) introduced the "Energy Storage for Grid Resilience and Modernization Act of 2016" (H.R. 5350) (the "Energy Storage Act"), which would, among other things, amend the Internal Revenue Code to provide energy investment credits for energy storage properties connected to the grid.

The Energy Storage Act would define the term "qualified energy storage property" as property that is capable of (i) absorbing energy, (ii) storing such energy for a period of time and, thereafter, (iii) dispatching such energy for certain purposes. The Energy Storage Act would, among other actions, establish the conditions for allocation as a qualified energy storage company, which allocation would be conducted by the Secretary of the Treasury in consultation with the Secretary of Energy.

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