Friday, October 23, 2009
Congressman Mike Thompson (D-Ca) introduced legislation that provides a 30% tax credit for the purchase of thermal energy storage systems for homes and businesses. Energy storage technology allows consumers to purchase electricity during off-peak hours and save it use during peak hours. This will reduce consumers' electricity bills and greatly enhance the reliability of alternative energy sources such as solar and wind.
Thompson said, "Investing in new technology such as thermal energy storage will help create new jobs and save people money on their electricity bills. Distributedenergy storage technologies are also a great way for our country to reduce greenhouse gas emissions and our dependence on fossil fuels. Jast as important, the jobs created by the manufacture and installation of these new technologies would come at a critical time for the U.S. economy."
The current electricity infrastructure is highly inefficient. The ability to store energy will allow consumers to use more renewable energy by, for example, collecting solar energy during the day and storing it for use at night. Allowing consumers to reduce their electricity demand with thermal energy storage is also a way to reduce unnecessary electricity generation and waste.
Congressman Thompson added "As is the case with many new energy technologies, numerous barriers exist that impede the adoption of these beneficial and cost-effective new technologies. These Federal tax incentives will enable us to take steps toward achieving energy security and slowing global warming, while advancing the creation of a smart grid energy infrastructure."
The bill will be assigned to the House Ways & Means Committee.