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Inflation Reduction Act Could Supercharge Grid Energy Storage

The Wall Street Journal · Jinjoo Lee · last updated

The tax credit that helped push solar and wind power to the mainstream is now coming to U.S. energy storage.

The Inflation Reduction Act extends to stand-alone energy storage a tax credit that covers 30% of the size of the investment. Previously, the tax credit was limited to energy storage paired with with solar energy, which meant that there was limited incentive available to build out battery storage systems for grid services. More than 93% of battery capacity that went online last year was co-located with solar, according to the U.S. Energy Information Administration.

 

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Related Knowledge Center: Energy storage

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A key to the adoption of renewable energy is the development of economical ways to store energy, in the form of batteries or other technologies. 

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