November 19, 2019
Storage ITC included in House Ways & Means clean energy tax package
This morning the House Ways & Means committee released a discussion draft of the Growing Renewable Energy and Efficiency Now Act of 2019, or GREEN Act, that includes investment tax credit (ITC) eligibility for energy storage technologies. ESA’s CEO, Kelly Speakes-Backman, released the following statement:
“The U.S. Energy Storage Association greatly appreciates the House Ways & Means Committee for prioritizing stand-alone energy storage for ITC eligibility in the GREEN Act discussion draft. Energy storage is already demonstrating early stage capability to transform the way we generate, deliver and use electricity in the United States, and this common-sense policy will accelerate the transformation to a more resilient, efficient, sustainable and affordable electricity grid. Because of the bipartisan and bicameral support that the storage ITC enjoys, we strongly believe this is a policy Congress can agree to enact this year. We applaud Chairman Neal and Subcommittee Chairman Thompson for seeking a level playing field for storage, and we thank Representatives Doyle, Blumenauer, Buchanan, Rooney, Sanchez and more than forty other co-sponsors of the storage ITC legislation.”
The draft legislation would make energy storage technologies eligible for a 30% energy investment tax credits under Section 48 and 25D of the Internal Revenue Code. The draft legislation would also extend the ITC for five years and make revenue derived from energy storage assets eligible as qualified income for master limited partnerships.
ESA applauds these efforts and encourages ESA members to contact Senate leadership to support storage ITC efforts—which you can do at this link.