Yes, there are government incentives available for installing a residential energy storage system in the United States:
Federal Incentives
- Federal Investment Tax Credit (ITC): As of 2023, homeowners qualify for a 30% tax credit on the cost of installing a home energy storage system, thanks to the Inflation Reduction Act. This incentive applies until the end of 2032. For 2023 through 2032, the credit is 30%, stepping down to 26% in 2033 and 22% in 2034.
State-Level Incentives
- California:
- Self-Generation Incentive Program (SGIP): Provides an upfront rebate for installing energy storage systems. The program offers incentives based on a tiered system, with higher rebates for low-income households and those in high-fire threat areas.
- New York:
- NY-Sun Incentive Program: Offers financial incentives for installing solar panels and energy storage systems.
- Hawaii:
- Hawaii Battery Bonus Program: Provides rebates to encourage home energy storage installations.
- Connecticut:
- Energy Storage Solutions: Offers up to $16,000 for residential installations and significant incentives for businesses.
- Massachusetts:
- Mass Save Connected Solutions: Provides financial incentives and zero-interest financing for battery installation.
Other Incentives
- Net Metering: Allows homeowners to earn credits for excess electricity generated by solar panel systems, which can be used to offset energy costs during times when solar panels are not generating enough power.
- Property Assessed Clean Energy (PACE) Financing: Allows homeowners to finance energy upgrades through property taxes, paid back over several years.
- Energy Efficiency and Conservation Block Grant (EECBG) Program: Provides grants to local governments for energy-efficient projects, including home energy storage.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/are-there-any-government-incentives-available-for-installing-a-residential-energy-storage-system/
