Sen. Martin Heinrich, D-New Mexico, Sen. Susan Collins, R-Maine, and 10 other senators this week introduced legislation to modify the existing investment tax credit (ITC) for solar energy to include the deployment of energy storage. The Energy Storage Tax Incentive and Deployment Act of 2021 (S. 627) would add storage to ITC-eligible resources. An identical bill (H.R. 1684) was introduced in the House of Representatives by Rep. Michael Doyle, D-Pennsylvania, Earl Blumenauer, D-Oregon, and Vern Buchanan, R-Florida. The legislation would apply to property placed in service or expenditures paid or incurred after Dec. 31, 2020.

Storage and legislation concerning renewable energy will be a topic of discussion at the Novogradac 2021 Spring Renewable Energy and Environmental Tax Credits Virtual Conference, May 20-21.