Congress includes Energy Storage Technology in its year-end spending package.
The Better Energy Storage Technology (BEST) Act was passed as part of a stimulus package in response to the COVID-19 pandemic. The bill provides $900 billion in economic stimulus relief to Americans.
The Act requires the U.S. Department of Energy (DOE) to analyze the need for various types of energy storage to improve electric grid resilience and reliability.
The bill authorizes $1 billion over 5 years for federal investments in energy storage technology research, development, and demonstration. The BEST Act asks the DOE to support the standardized testing and validation of energy storage batteries. It also creates a grant program for the demonstration of energy storage systems that use single or multiple systems.
The stimulus package is the largest source of federal funding for energy storage research. The program is just one of many indications that the United States will likely be a global leader in the rapidly growing energy storage market.
As far as other clean energy funding, the bill also extends the solar investment tax credit (ITC) for two years, onshore wind production tax credit (PTC) for one year, the carbon capture and sequestration “45Q” tax credit for two years, and the creation of an offshore wind ITC for five years.
The measure also calls on operators of natural gas gathering, transmission, and distribution pipelines to fix methane leaks and provides funding for EPA programs to protect clean air and water.
What is Energy Storage? And How Does it Work?
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