How ITC Is Sparking A New Energy Storage Boom
We are living in an era of unlimited innovations and opportunities, such as the introduction of energy storage. The new storage investment tax credit (ITC) will be accessed by systems of any size, regardless of if they’re the grid scale types or the residential backups, which will have about 30% of ITC.
This noble idea has come just in time to change the storage market since the introduction of ITC for the last 15 years. Consumers can now use ITC storage for batteries that area even over 3kWh for residential or 5kWh for commercial markets. The treasury department will, however, unveil more details regarding this development which is making news in the energy market.
For instance, EnergySage is one of the reliable energy providers that have been around for a while; more than 10 years. This company has had a lot of interest in the new developments in the energy sector and is leaning towards the idea of batteries for over 10 years. The CEO has asked customers to act promptly if they are interested in energy storage.
EnergySage CEO acknowledged that the prices are quite high although customers have shown interest. While the benefits might seem blurred because the idea is still in the adoption stage, a smaller percentage of consumers have gone ahead and purchased it.
While the storage-only installations are expected to rise, the idea of batteries is still a worthy investment, especially since financing has become a bit more flexible. Storage is set to be out together with wind, nonetheless, batteries can be operated independently with the soars to increase the efficiency and value of the whole project.
There is a need to have a battery that will match the needs of the consumers instead of just having a battery simply because it has a tax credit available. The goal of the new storage is to offer resiliency that will be attractive in most markets ad also save costs.