The National Electrical Manufacturers Association (NEMA), Rosslyn, Va., has endorsed legislation that aims to spur the deployment of cutting-edge energy storage technologies. “The ability to store energy during times of low demand and deploy it during peak demand reduces costs, improves efficiency, and precludes the need for new electrical generation,” said NEMA President and CEO Evan Gaddis. “By remaining technology neutral, the STORAGE Act promotes competition in the electroindustry and allows the marketplace to determine which technologies are best suited for any given application.”
Senators Ron Wyden (D-OR), Jeff Bingaman (D-NM), and Susan Collins (R-ME) introduced “The Storage Technology for Renewable and Green Energy (STORAGE) Act of 2011” (S 1845), a set of investment tax credits to promote adoption of the spectrum of energy storage technologies. Batteries, flywheels, superconducting magnetic energy storage, and other technologies would all be eligible under the legislation. S 1845 would offer a 20 percent investment tax credit to energy storage used in connection with the power grid, with no project eligible to receive more than $40 million. To promote efficiency and distributed generation in the commercial and residential markets, the bill offers a 30 percent credit (up to $1 million) for on-site application of energy storage.