While an obvious boon for the U.S. solar market, the recent extension of the federal Investment Tax Credit may also offer a promising boost to the U.S. energy storage market. According to the recently released U.S. Energy Storage Monitor, GTM Research expects an additional half a gigawatt of storage paired with renewables to come on-line between 2016 and 2020, compared to a scenario with no tax credit extension.
Though storage alone doesn’t qualify for the ITC, if installed with solar PV or wind, energy storage systems historically have been able to claim tax credits, as long as they meet certain requirements. As such, the 30 percent tax credit will create a significant opportunity for energy storage suppliers that are active in the U.S. market.
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