Senator Heinrich to Introduce Energy Storage Tax Credit Bill Next Week

By Julian Spector, Greenwich Media.

There will soon be an energy storage tax credit proposal in both the House and Senate.

Sen. Martin Heinrich (D-NM) will introduce an investment tax credit for energy storage the week of July 11, based on the existing credit for solar energy. The legislation would give businesses and homes a 30 percent credit, but the credit would taper off starting in 2020. Rep. Mike Honda (D-CA) introduced similar legislation on the House side in May.

This isn't Heinrich's first foray into energy storage; last year he introduced a national mandate for storage, based on the California model. That approach didn't work out, but he told Greentech Media that he hopes the tax credit will be more attractive to lawmakers on both sides of the aisle.