US tax credits plan for energy storage, EV batteries, clears Senate committee
|
Clean energy bill now heads for approval in full Senate and House of Representatives. Inset: Senator Debbie Stabenow. Photos: Roberto Nickson / Pexels; Sen Stabenow
|
Draft US legislation that would provide tax credits for investments in energy storage and the manufacturing of electric vehicle batteries has been approved by senators.
The ‘Clean Energy for America’ bill, approved by the Senate finance committee, would provide a 30% tax credit for manufacturers to retool or build new facilities to produce "advanced energy technologies” including batteries and semi-conductors.
The bi-partisan bill, championed by Senator Debbie Stabenow, a Michigan Democrat, would also provide support for Americans to buy electric vehicles.
Stabenow said the bill – which must still be approved by the full Senate and House of Representatives – would "help Michigan and our country partner with the private sector to advance the next generation of American manufacturing”.
'Decarbonisation goals'
The interim CEO of the US Energy Storage Association, Jason Burwen, praised the finance committee’s inclusion of an investment tax credit (ITC) for energy storage.
"We cannot rely on yesterday’s infrastructure to deal with tomorrow’s climate. An ITC for storage is critical to achieve our country’s decarbonisation goals and enable communities to be resilient to increasing disruptions from extreme weather,” Burwen said.
Related articles in our archive:
US research plan to secure domestic battery materials supply for EVs, clean energy technologies
The ‘Clean Energy for America’ bill, approved by the Senate finance committee, would provide a 30% tax credit for manufacturers to retool or build new facilities to produce "advanced energy technologies” including batteries and semi-conductors.
The bi-partisan bill, championed by Senator Debbie Stabenow, a Michigan Democrat, would also provide support for Americans to buy electric vehicles.
Stabenow said the bill – which must still be approved by the full Senate and House of Representatives – would "help Michigan and our country partner with the private sector to advance the next generation of American manufacturing”.
'Decarbonisation goals'
"China has hundreds of companies making electric cars, and they have help – over $100bn (£70.4bn) of help so far from the Chinese government.”
Stabenow said US car manufacturers are already "making the private-sector investments needed to electrify the industry, but they can’t do it alone”.The interim CEO of the US Energy Storage Association, Jason Burwen, praised the finance committee’s inclusion of an investment tax credit (ITC) for energy storage.
"We cannot rely on yesterday’s infrastructure to deal with tomorrow’s climate. An ITC for storage is critical to achieve our country’s decarbonisation goals and enable communities to be resilient to increasing disruptions from extreme weather,” Burwen said.
Related articles in our archive:
US research plan to secure domestic battery materials supply for EVs, clean energy technologies