Legislation to extend the Investment Tax Credit (ITC) to energy
storage was re-introduced yesterday by Senators Martin Heinrich of
New Mexico and Cory Gardner of Colorado, along with 10 cosponsors.
For storage, the ITC currently only applies if paired with
renewable forms of energy production (subject to limitations based
on charging). As a result, when renewable energy is not being
produced, utility companies have limited options, and may be forced
to rely on traditional forms of energy production to meet their
customers' energy needs. Energy storage allows the energy that
is produced via a renewable source, such as solar and wind, to be
stored and released later when production slows.
