Push underway for energy storage tax incentive

The nation”s next energy subsidy could be for energy storage.

It’s what POLITICO’s Morning Energy Report details.

 Energy storage may be a key component of fighting climate change and boosting renewables , but that’s not the sales pitch the industry is making around Donald Trump’s Washington, Pro’s Gavin Bade reports. While energy storage has long been a component of smoothing out intermittent sources like solar and wind, the nascent but burgeoning industry has secured bipartisan support in part by downplaying its clean energy bona fides.

What a sector wants: The industry is hoping to significantly expand an investment tax credit to get the kind of federal assistance wind and solar received. The U.S. deployed 311 megawatts of energy storage in 2018. That’s only about the size of a small gas plant, but analysts at Wood Mackenzie expect that total to more than double again this year. By 2025, they expect the U.S. storage sector — worth about $1 billion today — to near a $5 billion market.

 

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