Washington, DC—Today, Representative John Curtis (R-UT), introduced H.R 5409, the Incentivizing New and Valuable Energy Storage Technology (INVEST) Act, which promotes storage technology in the energy industry. Passage of this bill will accelerate broad deployment new energy storage technologies across all segments of the energy ecosystem – utilities, customers, and independent power producers – in a manner that is equitable and lowers the cost of the technology for all.
“My time as mayor of Provo helped me understand how much a city and its inhabitants absolutely need reliable energy sources,” said Curtis. “I am proud to introduce the INVEST Act, a bill that will not only effectively encourage the production of clean energy and reduce carbon emissions, but invest in the American economy. Being good stewards of the environment through cleaner energy and putting money back into the pockets of Utahns need not be mutually exclusive.”
Statements of Support
Pat Reiten, Senior Vice President, Berkshire Hathaway Energy: “As utilities seek to meet customer interest in cost-effective renewable generation, energy storage is an essential component to reaching that goal. We applaud Rep. Curtis for introducing the ‘Incentivizing New and Valuable Energy Storage Technology (INVEST) Act.’ This important bill provides an energy storage investment tax credit broadly usable by utilities and energy project developers. The ultimate aim is to scale up storage resource manufacturing and to bring the long-term cost of project deployment down for utility customers as we move to develop reliable, low cost, renewable energy.”
Gary Hoogeveen, CEO, Rocky Mountain Power: “The INVEST Act provides a time-limited opportunity to encourage energy storage projects that will benefit our customers and promote innovative energy breakthroughs. As the former leader of a municipal electric utility, Congressman Curtis likely understands better than anyone else in Congress just how critical reliable energy supply is to electricity customers. With increasing levels of low-cost renewable energy available in Utah and throughout the West, energy storage will be a critical part of our shared energy future.”
IBEW International President Lonnie R. Stephenson: “It’s vital that Congress provides a level playing field to public utilities when it comes to investing in new energy storage facilities. Allowing them to opt out of IRS tax-normalization rules involving ownership of new storage projects would help preserve good energy jobs and give renewable energy and storage technology a needed boost.”
Bob Frenzel, Executive Vice President and Chief Financial Officer of Xcel Energy: “We applaud Rep. John Curtis for introducing this bill that, if passed, will both encourage the development of clean energy technologies and also ensure they are developed at the lowest possible cost to customers. It’s a win-win and we encourage members of Congress to support H.R. 5409.”
Dr. Zachary Kuznar, Managing Director of Micro Grid and Energy Storage Development, Duke Energy: “We applaud Congressman John Curtis, a thoughtful leader in Congress on energy, for introducing a storage investment tax credit that will spur further energy storage growth, and puts the customer first by allowing them to realize the benefit of the credit. The acceleration of clean, critical infrastructure at grid-scale is important in the production of carbon-free generation.”
Dave Robertson, Vice President for Public Policy, Portland General Electric: “Our customers want us to lead the fight against climate change, and they want us to keep their monthly energy bills affordable while we do it. We’re asking Congress to ensure tax policies don’t sideline utilities like ours at this critical time in the clean energy transition by unintentionally tilting the field in favor of developers who don’t share our accountability to meet climate goals or our commitment to keep customer prices low. We’re grateful to Representative Curtis for introducing a bill to ensure utilities can be leaders in advancing energy storage as an important tool in our clean energy future.”
H.R. 5409 provides an energy storage investment tax credit (ITC) that allows regulated utilities the ability to utilize a tax credit up front without having to spread out savings over the life of a major capital project. This is a necessary component of the storage ITC so that regulated electric utilities can pass the benefits of the tax credit to its customers quickly. By making this change, Congress will remove a barrier to energy storage investment facing regulated electric utilities and accelerate the deployment of clean, critical infrastructure.
- H.R 5409 establishes a new 30% investment tax credit (ITC) for owners of stand-alone energy storage property and – to ensure the greatest benefit to electricity consumers — contains critically important language to ensure that regulated utilities may use the ITC in the same manner as non-regulated entities.
- H.R 5409 will allow regulated electric utilities the ability to make meaningful investments in energy storage fleets and allow regulated electric utilities to pass the benefits of the tax credit to its customers quickly.
- H.R. 5409 will allow the broadest possible use of the ITC which will provide competition in the market place and drive down costs for consumers.
- By passing H.R. 5409, Congress will not only help reduce the per unit cost of energy storage for retail customers, but also stimulate investment in new energy storage technologies in the future.