- Government supports residential energy-storage efforts with tax incentives
- Tax-incentive programs good indicators of potential battery-storage systems have to make a difference
- StorEn is leading the way in developing evolutionary vanadium-flow batteries
Recent progress made in the battery-storage space makes residential energy storage more feasible than ever, and with available tax credits, the federal government is doing what it can to make the prospect even more appealing. With more people choosing this route, companies such as StorEn Technologies, a developer of vanadium flow batteries with a disruptive patent-pending, all-vanadium flow battery technology, could benefit.
“In March 2018, the Internal Revenue Service (“IRS”) determined that residential energy-storage batteries are eligible for up to 26% Federal Investment Tax Credit when charged from an onsite solar system,” reports StorEn (https://ibn.fm/uvWLP). “The value of the credit depends on the percentage of electricity coming from the sun. If the battery is charged by solar panels 90% of the time, then the battery is eligible for 90% of the 26% ITC, or a 23.4% credit.”
That means that if a solar panel system costs $10,000, the maximum ITC eligibility would 26% of that $10,000.
That’s not the end of the incentives, however. Many states offer credits that could further reduce the cost of an energy-storage system. “Although energy storage is a relatively young industry, a growing number of states and municipalities will support the installations of solar-powered batteries to accelerate the transition to renewables and the reduction of GHG emissions,” StorEn reports. For example, Maryland established a solar battery tax credit worth 30% of the total installed system cost, or up to $5,000 for residential systems and up to $75,000 for commercial systems. In California, cash rebates are available through the Self-Generation Incentive Program (“SGIP”).
These federal and state incentive programs are good indicators of the potential battery-storage systems have to make a difference in today’s world. StorEn is leading the way in developing evolutionary vanadium-flow batteries. Incubated at the Clean Energy Business Incubator Program (“CEBIP”) within Stony Brook University in New York, the company is building upon the strengths of vanadium flow batteries to revolutionize the world of residential and industrial energy storage. In part, StorEn’s technology has enhanced the electrical efficiency of the stack and energy density of the electrolyte and module, ultimately reducing costs and improving performance.
The company produces products with a battery life of 25 years and more than 15K cycles. That company takes pride in offering batteries that meet consumers demand for efficient, durable and cost-effective energy storage, enabling self-consumption of self-produced electricity and the transition toward a carbon-free economy.
For more information, visit the company’s website at www.StorEn.tech.
NOTE TO INVESTORS: The latest news and updates relating to StorEn Technologies are available in the company’s newsroom at https://ibn.fm/StorEn
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