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US legislation supports investment in energy storage

Mon, 06/10/2013 - 18:36 -- Ruth Williams

A bill has been introduced in the US as part of legislation surrounding energy storage to create investment tax credit for all types of energy storage technology.

Called the Storage Technology for Renewable and Green Energy (STORAGE) Act, it recognises the Senate’s commitment to energy storage as a way to help renewable and traditional energy sources run smoothly and reliably.

The Executive Director of the Electricity Storage Association (ESA), Brad Roberts, said the investment tax credit “will help developers secure private sector equity and debt financing to truly scale this industry.”

The legislation includes a provision for third party financing of solar panels combined with energy storage for use when the sun is not shining, thus making solar panels a more valuable resource.

The ESA fully supports the bill that it believes will open up the American market for innovators in the energy storage field and encourage investment in companies working within it.