U.S. Senate Gets Serious About Energy Storage With Tax Credit Legislation

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Energy storage, one of the weakest links in renewable energy development, got a boost this week when three U.S. senators introduced legislation to offer investment tax credits for energy storage technologies that would make renewable energy resources more efficient, reliable and affordable. In addition to offering tax credits for energy storage facilities, they also would be available to businesses and homeowners who install storage systems on their own property. The legislation, The Storage Technology of Renewable and Green Energy Act of 2010 (STORAGE 2010), was introduced by Senators Jeff Bingaman (D-NM), Ron Wyden (D-OR) and Jeanne Shaheen (D-NH). Bingaman is chair of the Senate Energy and Natural Resources Committee and a member of the Senate Finance Committee. "Expanding our storage capacity will improve the efficiency, flexibility and reliability of our electric grid, allowing us to wring the most power out of it, while adding large amounts of new renewable energy resources like wind and solar," Bingaman said.

Quick Take: Despite its critical importance as a component of renewable energy development for the Smart Grid, storage has been a tough nut to crack — even though millions in stimulus and private money have been invested in its development. In addition to the benefits mentioned in the story, getting storage right on a commercial scale would help cut energy demand during peak use hours if intermittent renewables like wind and solar could be stored and tapped as needed. 

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