THE STORAGE BILL

U.S. Senators Introduce Renewable-Energy-Storage Legislation
21 July 2010 (Renew Grid)

"U.S. Sens. Jeff Bingaman, D-N.M., Ron Wyden, D-Ore., and Jeanne Shaheen, D.-N.H., have introduced legislation to offer tax credits for the creation of renewable-energy storage. The Storage Technology of Renewable and Green Energy Act of 2010 (STORAGE 2010) would offer up to $1.5 billion in tax credits to support grid-connected energy-storage projects.

"The act offers a tax credit for three categories of energy-storage facilities and will also provide tax credits to businesses and homeowners who install energy storage on their own properties to help serve their own energy needs or capture energy from on-site renewable-energy generation…[It] will provide a 20% tax credit of up to $30 million for storage systems connected to the electric grid…a 30% tax credit of up to $1 million to businesses and a 30% tax credit for homeowners for on-site storage projects…"

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[Senator Jeff Bingman (D-NM):] "The increased use of these cutting-edge storage technologies is essential to modernizing our electrical grid and to meeting our clean energy goals…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."

"The legislation is a revision of S.1091, the [2009] STORAGE ACT - a bill Wyden introduced in the last session of Congress."