Energy storage industry executives have urged US legislators to swiftly reach a consensus on the Build Back Better Act, with a strong emphasis on introducing the investment tax credit (ITC) for standalone storage.
The Indian government’s decision to classify grid-scale energy storage as infrastructure addresses the industry’s “biggest concerns” by making investments easier to facilitate, Energy-Storage.news has heard.
Investment tax credit (ITC) incentives for energy storage have been included in the US House of Representatives’ chief tax-writing committee, along with extensions to the solar ITC and reintroduction of a solar production tax credit (PTC).
A politically bipartisan effort to introduce investment tax credit (ITC) incentives to support and accelerate the deployment of energy storage in the US could be a “once in a generation opportunity” to protect the future of the earth.
Specific recommendations from a prominent industry group for tax reforms and other changes to support energy storage were not included India’s Union Budget for 2021-2022, but certain aspects of the budget such as the promotion of domestic self-reliance have been welcomed by it.
The India Energy Storage Alliance (IESA) has welcomed provisions in finance minister Nirmala Sitharam’s Union Budget 2020-2021 to support renewables and prioritise climate change policy, although the group hopes more will be done to support in-country manufacturing of batteries for applications including ESS.
Recommendations made to the government of India as it prepares to publish its union budget for 2020 from industry group India Energy Storage Alliance (IESA) include measures to support both the upstream of industry and the downstream of clean energy deployment.