Yes, there are government incentives for installing residential energy storage systems. Here are some of the key incentives:
Federal Incentives
- Federal Tax Credit: Homeowners can benefit from a federal tax credit of up to 30% of the total cost of installing energy storage systems. This applies to systems placed in service from January 1, 2023, to December 31, 2032, and then decreases to 22% by 2034.
- Inflation Reduction Act (IRA): The IRA extends and enhances tax credits for clean energy equipment, including standalone battery storage systems over 3 kWh in size.
State-Level Incentives
- California: The Self-Generation Incentive Program (SGIP) offers substantial rebates for battery storage installations, with higher incentives available in high fire-threat districts.
- New York: Programs like the NY-Sun Incentive and Long Island Energy Storage Incentive provide financial support for solar and energy storage installations.
- Hawaii: The Battery Bonus Program offers cash incentives and bill credits for customers who install battery storage systems with solar.
- Massachusetts: Financial incentives and adders for solar with batteries are available under the SMART program.
Additionally, other states offer various rebates and performance-based incentives. These incentives can significantly reduce the upfront cost of residential energy storage systems and encourage the adoption of clean energy solutions.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/are-there-any-government-incentives-for-installing-residential-energy-storage-systems/
