ESA Applauds Bipartisan Gibson-Thompson Bill to Create Energy Storage ITC
Legislation would open market for energy storage technologies in the U.S.
WASHINGTON, Feb. 29, 2012 /PRNewswire-USNewswire/ — The Electricity Storage Association (ESA) applauded news this week that U.S. Reps. Chris Gibson (R-NY) and Mike Thompson (D-CA) introduced legislation that would create an investment tax credit (ITC) for energy storage technologies of all types and help jumpstart an industry that has enormous potential to increase the reliability, security, and efficiency of the nation’s electric grid. The Storage Technology for Renewable and Green Energy Act (STORAGE) Act (H.R. 4096) is the House companion legislation to S. 1845, introduced by Sens. Ron Wyden (D-OR), Jeff Bingaman (D-NM), and Susan Collins (R-ME).
“We are delighted that Rep. Chris Gibson, who has championed energy initiatives and transmission issues in his Congressional district, and Rep. Mike Thompson, a staunch supporter of clean energy technologies, understand the value of energy security and have taken such a strong interest in energy storage,” said Brad Roberts, Executive Director of the ESA. “Energy storage technologies help all resources – whether renewable, natural gas, coal, or nuclear – run more smoothly. Our innovations have been tested on the grid and proven to be of enormous benefit; this tax credit will help developers secure private sector equity and debt financing for their projects.”
“It is to their credit that these policymakers worked together to craft a bipartisan bill that is limited in size and scope yet has the potential to open up the market for so many American innovators,” said Katherine Hamilton, Policy Director of the ESA Advocacy Council. “The ESA has received such positive feedback from both sides of the aisle for energy storage – it just makes sense – and an investment tax credit to help stand up these U.S. companies is smart public policy.
The energy storage industry strongly believes that advanced energy storage technologies have the potential to revolutionize the electric grid – from a system that has to use electricity at the moment it is generated to a system that can store that energy and use it when it is needed most.
Headquartered in Washington, D.C., ESA is the preeminent trade association dedicated to fostering the development and commercialization of energy storage technologies as a means to solving the nation’s energy and power challenges.
ESA’s membership is comprised of a diverse group of electric utilities; energy service companies (ESCOs); independent power producers (IPPs); energy storage technology developers and suppliers; and those in the energy storage research community. The ESA Advocacy Council currently has eleven members, including: A123 Systems, Inc., AES Energy Storage, Altairnano, Aquion Energy, Beacon Power, FIAMM, Prudent Energy Corporation, S&C Electric Company, Saft America, Inc., SustainX, and Xtreme Power. The ESA is a 501(c)(6) trade association that was formed in 1996.
SOURCE Electricity Storage Association