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NEMA endorses legislation to spur energy storage technologies.
Press Release Summary:
Mar 02, 2012 - On behalf of its Energy Storage Council, NEMA applauded Rep. Chris Gibson (R-NY) and Rep. Mike Thompson (D-CA) for introducing legislation to promote adoption of energy storage technologies. HR 4096 would offer 20% investment tax credit to energy storage used in connection with power grid, with no project eligible to receive more than $40 million. To promote efficiency and distributed generation in commercial/residential markets, bill offers 30% credit for on-site application of energy storage.
Original Press Release
NEMA Endorses House Legislation to Spur Energy Storage Technologies
Press release date: Mar 01, 2012
The Storage Technology for Renewable and Green Energy Act of 2012 (STORAGE 2012) is a set of investment tax credits to promote adoption of the spectrum of energy storage technologies. Batteries, flywheels, superconducting magnetic energy storage, and other technologies would all be eligible under the legislation.
"Storing electricity when demand is low and supplying it when consumers most need it improves the efficiency of the grid, increases reliability, and reduces the need for additional generation," said NEMA President and CEO Evan R. Gaddis. "The technologies and applications of energy storage are numerous and this bill takes great care not to pick technology winners and losers."
This bill, HR 4096, would offer a 20 percent investment tax credit to energy storage used in connection with the power grid, with no project eligible to receive more than $40 million. To promote efficiency and distributed generation in the commercial and residential markets, the bill offers a 30 percent credit (up to $1 million) for on-site application of energy storage.
Energy storage meets the needs of consumers: rate minimization due to a reduced need to invest in new generation, efficiency of grid operations, integration of renewables, lowered emissions, and energy management and security.
"The number of established players and entrepreneurs in the energy storage space displays that these technologies are both here now and have great promise for revolutionary development going forward," said Jim Creevy, NEMA director of government relations. "This bill and its Senate counterpart (S 1845) provide the U.S. with the opportunity to make this country the center of energy storage development and production."
NEMA is the association of electrical equipment and medical imaging manufacturers, founded in 1926 and headquartered in Arlington, Virginia. Its member companies manufacture a diverse set of products including power transmission and distribution equipment, lighting systems, factory automation and control systems, and medical diagnostic imaging systems. Worldwide annual sales of NEMA-scope products exceed $120 billion.
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