National Electrical Manufacturers Association (NEMA) today endorsed HR 1465, STORAGE 2013, legislation to promote adoption of state-of-the-art energy storage technologies, introduced by Rep. Chris Gibson (R-NY) and Rep. Mike Thompson (D-CA).
“Energy storage is a key enabler of the Smart Grid and is transforming the way we think about electricity,” said NEMA President and CEO Evan R. Gaddis. “By getting us beyond the need to generate electricity at the same moment as it is used, energy storage delivers greater system efficiency, enhances reliability and resiliency, and fosters integration of renewable energy.”
STORAGE 2013 would offer a 30 percent investment tax credit for energy storage used in connection with the power grid, with no project eligible to receive more than $40 million, and the total program capped at $1.5 billion. For municipal utilities and electric cooperatives, the legislation would make energy storage eligible for new clean renewable energy bonds. To promote efficiency and distributed generation in the commercial and residential markets, the bill offers a 30 percent credit (up to $1 million) for onsite application of energy storage.
The legislation is carefully crafted to promote the entire spectrum of energy storage technologies and not to pick technology winners and losers. Eligible technologies include, for example, batteries, superconducting magnetic energy storage, flywheels, and thermal energy storage systems.
“The number of established players and entrepreneurs in the energy storage space displays that these technologies are here now and have great promise for revolutionary development going forward,” Gaddis said. “This bill provides the U.S. with the opportunity to make this country the center of energy storage development and production.”
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