30% Federal Tax Credit
Most battery energy storage projects qualify for a substantial 30% tax credit under the Inflation Reduction Act. This incentive alone significantly reduces the initial investment required.
Why pay full price when you don't have to
Investing in Energy Storage has never been better. Not only do our systems provide enhanced resilience and sustainability but they also qualify for federal and state incentives that can drastically reduce your upfront costs.
Navigating Incentives? We've got the map and compass!
Our team is here to guide you through every step of the process, helping you maximize all available financial benefits.
Additional, stackable incentives
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Domestic Content Adder
Projects utilizing U.S. -manufactured components may qualify for an additional 10% credit.
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Energy Communities Adder
If your project is located in designated "energy communities," you could benefit from another 10% credit.
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Low-Income Community Adder
Certain low-income areas are eligible for an additional 10% tax credit.
Direct Pay Option for Non-Profits and Public Entities:
Eligible organizations can opt for a direct payment from the IRS instead of waiting to claim the credit, accelerating the benefit realization.
Accelerated Depreciation:
Take advantage of accelerated depreciation schedules to further reduce your tax liabilities in the early years, improving your Net Present Value (NPV) and shortening the payback period.
State-specific incentives:
Beyond federal incentives, several states offer additional rebates and programs that can cover a significant portion of your project costs, for example:
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California
Benefit from state-level incentives designed to promote energy storage adoption.
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New England
States like New York, Connecticut, Massachusetts, Maryland and Rhode Island offer robust programs to support energy storage investments.
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Illinois
Take advantage of Illinois' energy initiatives aimed at enhanced grid resilience and sustainability.
Case Study: Chicago Project
A recent project in Chicago highlights the power of these incentives:
- GRIP Program: This program offered a 50% rebate on the project cost
- Com-Ed Program: An additional 25% rebate was secured through Com-Ed's energy storage program.
- Total Savings: Combined, these incentives covered 75% of the project cost, leaving the client to pay just 25%. Plus, they were eligible for the 30% federal tax credit on the remaining balance, effectively covering the full cost of the project.
Disclaimer: Rebate amounts and eligibility criteria can vary by location and project. Consult with our team to explore how these incentives can work for your specific project.
Get started today!
Our expert team is ready to help you navigate the complex landscape of energy storage incentives. Contact us for a personalized consultation to understand how these benefits can reduce your costs and accelerate your patch to energy independence.