FAIR LAWN, N.J.--(BUSINESS WIRE)--CALMAC, a leader in energy storage systems, today announced that it fully supports The Storage Technology of Renewable and Green Energy Act of 2009 (STORAGE) – Bill #S1091. The STORAGE bill, recently introduced by Senator Ron Wyden, addresses the overlooked issue of storing renewable energy. Renewable energy is not always available and is usually created during non-peak demand periods. Storage of renewable energy would allow the energy to be used during peak energy usage periods. The need for an investment tax credit for energy storage facilities and equipment is a neccessity to shift the demands on the grid.
Under current law, tax credits are available for the generation of renewable energy, but not its storage. The STORAGE Bill would provide an investment tax credit for storage systems that require similar innovations and incentives as other energy technologies. Storage systems consist of a broad range of technologies, from water reservoirs, batteries and flywheels to thermal cooling systems.
“Energy storage is an often overlooked technology that could save millions of dollars in energy costs and help make renewable fuels viable options to replace oil and coal,” Senator Wyden said. “It just makes sense to store energy when it’s plentiful and draw it down when it’s needed. The STORAGE bill provides tax incentives for implementing these technologies and will create a market demand for energy storage technologies. I thank CALMAC for supporting this legislation.”
One particular tax credit within the bill aims to provide a 30 percent investment tax credit for on-site use in individual homes, businesses and factories. This legislation will help pay for smart-grid devices to manage the charging and storage of the electricity. Building owners could use the tax credit to help finance thermal cooling systems, which will make ice at night when electricity is cheaper and use the ice to cool the building during the day.
“CALMAC supports this bill 100 percent. Previously, energy storage has been overlooked as a reliable and cost-saving solution for buildings. But energy storage, both in buildings or on the grid, is a critical element in the large scale implementation of renewable forms of energy,” said Mark MacCracken, CEO of CALMAC and USGBC Board Member. “This proposed tax credit would not only help building managers save on operational costs, but it would also significantly reduce the demand on the grid.”
CALMAC’s IceBank® Energy Storage System shifts a building’s energy demand from on-peak to off-peak times which decreases cooling costs by up to 40 percent and reduces both source energy consumption and greenhouse gas emissions. For more information on CALMAC and ice storage, visit http://calmac.com/.
CALMAC Corporation is widely recognized for promoting peak energy conservation and energy cost savings. An ENERGY STAR® Partner and USGBC member, CALMAC is a leading manufacturer of IceBank® Energy Storage equipment with over 3,300 Ice Storage installations worldwide. IceBank systems enable energy, including renewable wind energy which mainly blows at night, to be efficiently stored for use during periods of high demand.