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.

Canada will introduce tax credit incentives and invest in developing and manufacturing solar PV, energy storage and other renewable energy technologies in an Inflation Reduction Act-style scheme.

Zinc-air flow battery company Zinc8 Energy Solutions has won US$9 million in state tax credits for its new manufacturing facility in Ulster County, New York.

India’s upcoming Union Budget should include tax-based incentives for energy storage, the India Energy Storage Alliance (IESA) has said.

American Battery Factory, a new firm planning a network of lithium iron phosphate (LFP) battery manufacturing facilities in the US, has chosen a site in Arizona for its first.

Turkish company Kontrolmatik Technologies expects over US$900 million in incentives from the Inflation Reduction Act to 2032 for its US gigafactory, with Powin one of its first offtakers.

The implementation of regulative security is all that is needed to bring in investment for long duration storage.

Solar Energy Industries Association (SEIA) and Energy Storage Association (ESA) are among a group of six clean energy trade groups that have called on Congress to help the sector to ride out the worst economic impacts from the COVID-19 pandemic.

“No other policy in play right now” could be “more immediate or more impactful” than a ‘standalone’ Investment Tax Credit (ITC) in the US for energy storage, the CEO of the national Energy Storage Association has said.

Maryland will become the first state in the US to offer tax credits for customer-sited energy storage, as and when state Governor Larry Hogan approves Senate Bill 758 (SB 758).