Connect with us

Hi, what are you looking for?

CleanTechnica

Energy Storage

Energy Storage Tax Relief Bill Introduced

U.S. Rep. Mike Honda, a Democrat from Silicon Valley, California, has introduced the Energy Storage for Grid Resilience and Modernization Act, otherwise known as H.R. 5350.

Mike_hondaIf the bill becomes law, it will provide a tax credit for home and business owners who purchase energy storage systems. The tax credit for both would be 30%, which is the same amount as the renewable energy tax credit. Factories would also be eligible under the proposed law.

“We must create better infrastructure in our nation, including our electrical grid. Tax credits will help create a market-based solution to increase the use of both energy storage and renewable energy. This legislation will help America become energy independent and help create good, family-wage jobs in a sustainable industry. I’m proud to sponsor it, along with my colleagues,” explained Honda.

Two Republican Representatives from New York, Tom Reed and Christopher Gibson, are co-sponsors, so there is some bipartisan support. Democratic Representative Mark Takano from California, is also a co-sponsor. At the end of May, the bill was sent to the House Committee on Ways and Means.

“We care about creating sustainable, reliable and affordable energy for families and businesses across our nation. This bipartisan bill provides a commonsense approach to meeting our evolving energy demands. It is only right that we work across the aisle to overcome our energy challenges and we believe this legislation is part of that solution. We appreciate Congressman Honda’s leadership on this issue and are glad to join him in this effort,” said Representative Reed.

Energy storage is a critical piece of the clean, renewable energy puzzle, so government support only seems reasonable. In fact, one might say that an energy storage tax credit is overdue. It would not only encourage the purchasing of more energy storage systems, but it might also increase demand. If demand were increased, energy storage companies would have the opportunity to engage in more sales, which would obviously be good for them.

Making the bill retroactive would also support people who have already purchased energy storage systems. For example, making the tax credit apply to people who acquired the technology one year before the bill was passed would help them pay for those systems.

Image Credit: Public Domain

 
Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
 

Advertisement
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Written By

Hello, I have been writing online for some time, and enjoy the outdoors. If you like, you can follow me on Twitter: https://twitter.com/JakeRsol

Comments

You May Also Like

Cars

The Los Angeles Auto Show announced in September that it would hold an inaugural awards program called THE ZEVAS this year. That stands for...

Clean Transport

Originally published by Penn State News By Sara LaJeunesse Ride-hailing services, like Uber and Lyft, are lauded by some for their ability to decrease...

Climate Change

Ending new leasing for offshore oil and gas is crucial both to mitigate climate change as well as help marine ecosystems become more resilient...

Clean Transport

Article courtesy of NRDC. By Miles Muller & Max Baumhefner  The California Public Utilities Commission broke new ground this week, approving new rules that will ensure utilities...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.