INCENTIVES & PROGRAMS
Federal Storage ITC
Bookmark This Page for Updates On an Important Incentive
Stem applauds Senator Joe Manchin (D-WV) and Senate Majority Leader Chuck Schumer (D-NY) for reaching an agreement to add the Inflation Reduction Act of 2022 to the reconciliation bill, marking a promising step forward for our country’s energy future. If passed into law, the climate provisions will be the biggest U.S. clean energy investment in history ($369B), and are expected to drive continued investment in America’s aging grid and support more customer adoption of renewable energy. The act also helps secure our energy security by incentivizing the development of our domestic supply chain and U.S. manufacturing.
Importantly, stand-alone energy storage is now added to the Investment Tax Credit (ITC) and solar ITCs are extended. We’ll keep watch as the bill advances in the coming days, but we’re encouraged that the inclusion of these critical technology incentives will further unlock the full value of distributed energy resources and build a more resilient grid.
This page will be updated as more details become available, so please check back often. In the meantime, there continues to be a tremendous amount of growth in demand for front-of-the-meter and behind-the-meter energy storage across many states. For specific questions on how the storage ITC might affect your energy storage project, contact Stem using the form below.