How has the energy storage industry progressed in & ?
The energy storage industry has continued to progress over the course of and into , buoyed in significant part by the federal income tax benefits in the form of tax credits enacted under the Inflation Reduction Act of (IRA).
What are the New IRA rules for energy storage?
Energy storage was one of the major beneficiaries of the IRA’s new rules on both the deployment and manufacturing sides. The IRA enacted the long-sought investment tax credit (ITC) under Section 48 and 48E of the Internal Revenue Code (the Code) for standalone energy storage facilities.
What is the ITC rate for energy storage projects?
Energy storage installations that begin construction after Dec. 31, , will be entitled to credits under the technology-neutral ITC under new Section 48E (discussed below). The base ITC rate for energy storage projects is 6% and the bonus rate is 30%.
Are IRA tax benefits a viable option for energy storage facilities?
While the vitality of the IRA tax benefits in their current form is currently subject to uncertainty given the results of the federal general election, the existing market practice for financing energy storage facilities since the IRA’s passage continues to evolve in reaction to the act’s new requirements and opportunities.
What regulatory guidance has the government released on energy storage?
Of particular importance to the energy storage industry, the government has released final regulatory guidance for the ITC (both Section 48 and 48E of the Code), prevailing wage and apprenticeship (PWA) requirements, and transferability and direct payment, as well as other guidance on the energy community and domestic content tax credit “adders.”
Is energy storage eligible for the IRA ITC?
Standalone energy storage is not eligible for this credit, but energy storage installed in connection with wind and solar projects may be eligible. In addition to all the changes for the ITC, the IRA also revised the Section 25D credit homeowners use for residential energy storage projects, such as batteries.
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The 48E ITC for commercial storage received fewer revisions from H.B.1, and still matches the original IRA rules for projects that are safe harbored before July 6, , can access a 30% 48E tax credit
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