Energy Storage Tax Credits in the Biden Administration FY 2022 Budget, GREEN Act and Clean Energy for America Act

Mayer Brown - Tax Equity Times

As the renewable energy sector has grown in recent years, thanks in part to federal income tax credits, researchers and policymakers have begun to focus on the role of energy storage. Because wind and solar are intermittent resources, energy storage is critical to any effort to replace dispatchable, nonrenewable energy sources with wind and solar. In recent years, declines in the cost of energy storage have started to make energy storage a viable investment for renewable energy projects. Moreover, several recent legislative proposals would enact tax credits to support energy storage, including standalone energy storage systems. While tax credits for energy storage were not included in the recent bipartisan infrastructure bill that passed the Senate on August 10, such credits may be included in a subsequent bill passed through budget reconciliation.

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