The large-scale deployment of domestic energy storage systems is largely viewed as critical to the continued growth of the renewables sector, as well as a key component of achieving the nation’s energy reliability and resiliency goals. While it may be unrealistic to expect that extension of the tax credit to energy storage projects would result in the stratospheric levels of growth enjoyed by the solar industry over the past decade, the tax credit’s proven track record for stimulating renewables development has energy storage advocates hopeful that the proposed legislation would drive significant investment in the sector, resulting in a meaningful increase in energy storage deployment.
- advance electric grid, energy storage, and fuel cell equipment;
- equipment for production of low-carbon, low emission fuels, chemicals and other products;
- renewable energy and energy efficiency equipment;
- products or technologies that capture, remove, use, or store carbon dioxide; and
- advanced vehicles, components, and related infrastructure.
The bill is intended to promote creation of domestic jobs that draw on skills possessed by individuals formerly employed in manufacturing, coal mining, or power plant operation. The bill also seeks to promote investment in communities experiencing high unemployment due to coal mine or power plant closures.