In letters despatched to leaders in Congress and the White Home, power storage executives referred to as for renewed consideration to incentives that have been included within the stalled Construct Again Higher Act.
The proposed standalone funding tax credit score for power storage was seen as a possible game-changer for the trade. However, like the full $550 billion in clear power incentives and investments within the invoice, the power storage ITC has an unsure future.
The executives wrote “to induce all negotiating events” to proceed work on, and cross, the landmark local weather change and clear power reconciliation invoice.
“Certainty within the tax provisions permits our firms to proceed to develop power and local weather options at scale and to construct a various and dependable power portfolio to help residential, business, and public sector entities,” the executives wrote within the letters, which have been dated February 16.
Executives from ESS, Type Power, Q Cells USA, and Malta have been among the many 69 to signal onto the letters.
Since is was handed by Congress in 2006, the ITC for photo voltaic power deployments has pushed 10,000% development within the photo voltaic trade, based on the Photo voltaic Power Industries Affiliation (SEIA). The regulation doesn’t present incentives for standalone power storage.
The Construct Again Higher Act included a 10-year extension to the photo voltaic ITC, which was getting ready to part down from 26% in 2022 to 10% for business and 0% for residential methods by 2024. The proposal additionally included direct pay provisions in place of the present tax fairness credit score construction.
The power storage executives referred to as the incentives crucial for builders and producers to achieve the mandatory scale to achieve U.S. local weather objectives.
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