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Tax Credits for Energy Storage and Home Batteries

This act introduces new tax credits for businesses investing in energy storage technologies like batteries and compressed air. Additionally, individuals can receive credits for installing home battery systems, potentially lowering energy costs and increasing energy independence.
Key points
Businesses can get tax credits for investing in a wide range of energy storage technologies, including batteries, compressed air, and hydrogen storage.
Homeowners can claim tax credits for purchasing and installing battery storage systems with a capacity of at least 3 kilowatt-hours in their residences.
The changes apply retroactively to properties placed in service or expenditures paid after December 31, 2020.
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Additional Information
Energy Storage Tax Incentive and Deployment Act of 2021
Print number: S 627
Sponsor: Sen. Heinrich, Martin [D-NM]
Process start date: 2021-03-09