The New York Battery and Energy Storage Technology Consortium (NY-BEST) applauds Congressman Chris Gibson (R-NY) and Congressman Mike Thompson (D-CA) forintroducing the Storage Technology for Renewable and Green Energy Act (STORAGE) in the United States House of Representatives today. The bill would provide an investment tax credit for energy storage technologies that would open the market for advanced storage technologies in the United States. A companion bill was introduced in the United States Senate last fall by Senator Ron Wyden (D-OR) and Susan Collins (R-ME).
"We are delighted with the leadership and interest that Congressman Gibson has demonstrated in advancing energy storage," said Dr. William Acker, Executive Director of NY-BEST. "Energy storage technologies are playing an important role in growing New York State’s clean energy economy. Energy storage products will make possible the widespread use of wind and solar power and improve the utilization of all types of power plants. By eliminating the need to make all of our electricity at exactly the same time it is consumed, energy storage alleviates grid congestion, makes better use of transmission and distribution, and increases the reliability and efficiency of energy sources. This tax credit will help innovators secure necessary financing of their projects."
“I am proud to introduce this important piece of legislation, which could ultimately help drive down energy costs for my constituents. Ensuring that we have updated and efficient transmission capacity, with the storage capability for emerging energy technologies, is critical to our efforts to modernize our energy infrastructure,” said Congressman Chris Gibson. “I look forward to working with my colleagues and NY-BEST to advance this needed initiative, which will have the additional benefit of promoting American innovation.”
Energy storage technologies are influencing the future of the electricity and transportation sectors. Commercial cost-effective energy storage technology on a large scale will dramatically change how vehicles are powered and how the entire electricity industry functions. This investment tax credit for all types of energy storage technologies on the grid is expected to jump-start an industry that has enormous potential to increase the reliability, security and efficiency of the electric grid.
"New York State is a tremendous market for energy storage technologies and we are home to some of the most innovative companies in the energy storage sector. This legislation will further spur production in the State and strengthen our rapidly growing industry,” Acker added.
NY-BEST is an independent non-profit industry-led organization dedicated to establishing a vibrant world-class advanced battery and energy storage sector in New York State. NY-BEST brings together industry, business, academic and government partners representing all facets of the energy storage industry, from research and development to commercialization. For more information about NY-BEST visit www.ny-best.org
For Release: Wednesday, February 29,2012
Contact: Angelina Berghela, NY-BEST