Energy Storage Would Get U.S. Tax Credits in Bipartisan Bill

Chris Martin for Bloomberg Politics:  Energy storage would gain access to the same tax incentives that helped make renewable energy the biggest new source of electricity in the U.S. last year under a bill introduced in the Senate.

Batteries like the lithium-ion ones in phones and electric vehicles would be eligible for the tax incentives when connected to the utility grid at homes and businesses under a bill introduced Tuesday by Democratic Senator Martin Heinrich from New Mexico. The bill has eight co-sponsors including Dean Heller, a Nevada Republican, according to a statement.

Other energy storage technologies such as pumped hydroelectric power, flywheels and compressed air would also have access to the tax credits, modeled after incentives for the solar industry, which reimburse as much as 30 percent of installation costs.  Cont'd...

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