Energy tax credit kWh photo

Finally! Energy Storage Tax Credits

Soon businesses may have more ways to save on taxes when it comes to energy.  Storage is a large expense, but until now there’ve been no tax incentives. Proposed legislation by U.S. Senators Martin Heinrich (D-N.M.), Angus King (I-Maine), and Dean Heller (R-Nev.), would extend the same tax incentives as solar to all energy storage technologies. This means batteries, thermal energy, flywheels etc. would be included, whether grid-connected, consumer-owned, or off-grid applications.

In general, the rebate amount is 30% for solar, fuel cells and small wind turbines, 10% for geothermal systems, microturbines , combined heat and power (CHP) and Protection Tax Credit (PTC) eligible technologies. The most return will likely be in the utility sectors, although large industry can benefit as well.

Homeowners would also reap the harvest with this ITC. The bill provides for residential tax credits that are again the same as solar, but extended to battery storage of 3kWh+.

For specifics on the legislation, visit http://energy.gov/savings/business-energy-investment-tax-credit-itc and watch for updates from your electrical contractor.

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