U.S. Senators Ron Wyden, D-Ore., Susan Collins, R-Maine, Jeff Merkley, D-Ore., and Angus King, I-Maine, yesterday introduced the Storage Technology for Renewable and Green Energy Act of 2013 (STORAGE) to encourage the development of renewable energy as a source of electricity and lower consumer costs through the deployment of energy storage technologies.
Renewable energy sources like wind and solar continue to make up more of the country’s energy mix, making it necessary to update the energy grid to better integrate intermittent sources of power. Improving energy storage technologies will enable the use of solar and wind power, especially during peak hours of power usage, providing stability to the energy grid and lessening the need for high-cost peaking electricity.
The STORAGE Act provides a 20 percent investment tax credit of up to $40 million per project for grid-scale storage systems. The total amount available for these projects is capped at $1.5 billion. Read the text of the STORAGE Bill