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SENATORS INTRODUCE BIPARTISAN ENERGY STORAGE BILL

Wednesday, May 29, 2013 - 7:00AM

Sens. Ron Wyden, D-Ore., Susan Collins, R-Maine, Jeff Merkley, D-Ore., and Angus King, I-Maine, last week introduced S. 1030, the Storage Technology for Renewable and Green Energy (STORAGE) Act of 2013, a bill to encourage the development of renewable energy through the deployment of energy storage technologies.

The STORAGE Act of 2013 would create a 30 percent investment tax credit for the use of technologies that can store energy during non-peak hours and distribute it to meet peak electricity demand. In addition, the STORAGE Act would provide a 20 percent investment tax credit of up to $40 million per project for grid-scale storage systems. The bill proposes capping the total amount available for these projects at $1.5 billion. The STORAGE Act would also provide a 30 percent tax credit to homeowners who install energy storage on their property.

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