Feb. 28, 2023: Standalone Storage and the Investment Tax Credit

Published by Michael Novogradac on Tuesday, February 28, 2023 - 5:45am

Standalone energy storage became eligible for the renewable energy investment tax credit (ITC) through a provision in the Inflation Reduction Act, which was signed into law last summer. In this week’s Tax Credit Tuesday podcast, Michael Novogradac, CPA, discusses the implications and opportunities for that with Rob Bryant, CPA, a Novogradac partner. They examine the need for storage, how storage’s eligibility for the ITC changed the market and how to determine whether standalone storage makes sense for you. They also examine the amount of tax credit equity that might come into a standalone storage, how it could play out on a smaller scale and what issues developers should address.