AWEA endorses energy storage ITC bill in Senate

now viewing

AWEA endorses energy storage ITC bill in Senate

April 13, 2019 Anand Gupta

now playing

NTPC Solar - undersubscribed bid - EQ

April 13, 2019 Anand Gupta

CERC_Central Electricity Regulatory Commission_1

now playing

Petition of the CERC (Sharing of inter- State Transmission Charges and Losses) and (Deviation Settlement Mechanism and related matters) Regulations, 2022 - EQ

April 13, 2019 Anand Gupta

now playing

Petition for Adoption of tariff for the ISTS Grid connected Solar PV Projects issued by the Ministry of Power - EQ

April 13, 2019 Anand Gupta

now playing

Petition for Adoption of tariff based Competitive Bidding Process of Solar Plants through RESCO model under PM KUSUM-C Scheme of Government of India - EQ

April 13, 2019 Anand Gupta

now playing

Petition for Adoption of tariff of solar plants through RESCO model under PM KUSUM-C Scheme of Government of India - EQ

April 13, 2019 Anand Gupta

now playing

Solar stock jumps 4% after signing MoU with Bihar Govt. for renewable energy project - EQ

April 13, 2019 Anand Gupta

now playing

Bhilai Steel Plant to Install 200 KW Solar Power Plant at Maitri Bagh Zoo - EQ

April 13, 2019 Anand Gupta

now playing

India's target to achieve 450 GW of RE by 2030, RK Singh said at International Solar Alliance Assembly - EQ

April 13, 2019 Anand Gupta

now playing

Cairn Oil & Gas makes steadfast progress on its commitment to be Net Zero by 2030 - EQ

April 13, 2019 Anand Gupta

now playing

Sustainable Investment Platform SustVest Raises $1.7 Million in Pre-Series A Round Led by Inflection Point Ventures and Antler - EQ

April 13, 2019 Anand Gupta

Yesterday, Senators Heinrich (D-NM) and Gardner (R-CO) introduced bipartisan legislation to create an energy storage investment tax credit (ITC). It currently has 10 cosponsors representing a diverse collection of states.

The legislation, labeled the Energy Storage Tax Incentive and Development Act, is a companion bill to legislation introduced by Rep. Doyle in the House last week

“We strongly support and thank Senators Heinrich and Gardner for introducing the Energy Storage Tax Incentive and Development Act and committing to modernizing the U.S. energy supply,” said Tom Kiernan, CEO of the American Wind Energy Association (AWEA). “Americans want their homes and businesses to be powered by clean energy. Spurring investment in our country’s energy storage technologies, along with transmission, will advance clean energy, create new jobs and help bring America’s power supply into the 21st century.”

Energy storage technologies — including batteries, flywheels, pumped hydro, thermal storage, compressed air, and others—are a source of reliability services and flexibility for the power grid. Storage helps balance power supply and demand instantaneously by storing electricity from low-cost energy sources, like wind, and releasing that power during periods of high demand.

Storage systems deliver these benefits whether they are connected to the grid as an independent resource or when storage is paired with any energy source.

However, current law only allows energy storage to qualify for an ITC when paired with a solar project under certain circumstances. The flexibility and market efficiencies resulting from accelerated energy storage investment would spur new wind farm development and job creation.