Did you know that in order to meet our nation’s climate goals we must develop 100 gigawatts (GW) of energy storage by 2030? That seems highly improbable, since this past year we have tripled our energy storage, but still only have about 4.8 gigawatts of energy storage. The IRA (Inflation Reduction Act) could boost this a bit based on its ITC (Investment Tax Credit).
This act allows energy storage and interconnection property to be eligible for a 30% ITC. However, there are challenges; some we understand, and some are yet to be realized – production costs, material shortages, supply chain, competition, physical location, and type of energy storage to facilitate (battery, hydro, compressed air, and others).
Photo Credit: Grist