Categories: General Tax Terms
Energy Storage Tax Credit
The Energy Storage Tax Credit is a federal tax incentive that allows individuals and businesses to receive a tax credit for installing energy storage systems, such as batteries, that store energy for later use. This credit typically covers a percentage of the installation costs, encouraging the adoption of renewable energy technologies.
For example, if a business spends $10,000 on an energy storage system, and the tax credit is set at 30%, the business could potentially receive a $3,000 credit against its federal taxes. This incentive aims to promote the use of renewable energy and improve energy resilience.
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