New transferability and direct pay provisions for clean energy tax credits are a “game changer for renewable energy development” in the US, Shearman & Sterling partner Mona Dajani told Energy-Storage.news.

Ormat Technologies has signed a PPA for a California solar-plus-storage plant, shortly after announcing the start of commercial operations at two standalone battery projects.

Cost disclosure requirements needed in order to qualify for IRA’s investment tax credit (ITC) domestic content adder could prove problematic for ESS providers, sources told Energy-Storage.news.

Two 5MW/10MWh battery storage units have entered commercial operation in Vermont, US, owned by Strata Clean Energy, deployed by LS Energy Solutions, and financed using the new investment tax credit (ITC).

The US Internal Revenue Service (IRS) has revealed how smaller and tax-exempt organisations can take advantage of clean energy investment tax credits (ITC), with guidance on direct pay and transferability.

Eolian has taken the amount of financing it has raised in just three years since founding to more than a billion-and-a-half-dollars.

BESS projects in the US need to be 40% US-made to qualify for the ITC domestic content adder, rising to 55% from 2027 onwards, the IRS has said.

Clean energy trade bodies ACP, ACORE and SEIA have denounced an attempt by Republicans to roll back the Act, which has spurred unprecedented investment in the US market.

There is a long way to go before the new standalone storage investment tax credit (ITC) starts to really make a dent in the market, speakers and delegates at the Energy Storage Summit USA last month said.

The new investment tax credit (ITC) for standalone energy storage means some US developers are opting to overbuild systems instead of augmenting them further down the line.