Jeff Bingaman United States Senator from New Mexico

Tuesday, July 20, 2010

STORAGE 2010 Act

S. 3617

Storage Technology for Renewable and Green Energy Act of 2010 or the STORAGE 2010 Act - Amends the Internal Revenue Code to: (1) allow, through 2019, a 20% energy tax credit for investment in energy storage property that is directly connected to the electrical grid (i.e., a system of generators, transmission lines, and distribution facilities) and that is designed to receive. store, and convert energy to electricity, deliver it for sale, or use such energy to provide improved reliability or economic benefits to the grid; (2) make such property eligible for new clean renewable energy bond financing; (3) allow a 30% energy tax credit for investment in energy storage property used at the site of energy storage; and (4) allow a 30% nonbusiness energy property tax credit for the installation of energy storage equipment in a principal residence.