The Inflation Reduction Act (IRA) of 2022 and the Bipartisan Infrastructure Law (BIL) change the landscape for investment and development of energy storage systems
ANN ARBOR, Mich. - Sept. 11, 2023 - PRLog -- The Inflation Reduction Act (IRA) of 2022 and the Bipartisan Infrastructure Law (BIL) provide well over $400 billion dollars in incentives to companies and individuals to advance efforts to fight climate change. This legislation, especially the IRA, single out battery energy storage systems (BESS) ranging from Electric Vehicle (EV) batteries to power grid-level storage as an integral part of efforts to increase the validity and acceptance of renewable energy as a replacement for fossil fuel-based power generation. A white paper published by Michigan-based Essential CMO details how the IRA and BIL are energizing the energy storage industry, what it means for cleantech, and what pitfalls still face the IRA as all of its provisions begin to unfold.
The Impact of New Legislation on Growth in the Energy Storage Sector was written and published by renewable energy advocate and Essential CMO founder Jayne Burch, providing insight into the significant contribution the IRA and BIL lend efforts to accelerate the development and adoption of new and often innovative energy technologies In the United States. In the white paper, Burch writes:
"Energy storage technology is and has been a key element in the rise of electric vehicles. It is also creating a path for renewable energy systems like wind and solar to replace fossil fuel-burning baseload power plants, and address a variety of other issues with the power grid."
The 14-page report includes information about where the IRA and BIL are supporting BESS development and deployment, what energy storage systems are being updated now, and current research and development in the sector. The white paper also notes that the initiatives in this legislation still face a battle in the implementation phase with funding challenges in the U.S. Congress.
The report is free, and available for download at: The Impact of New Legislation on Growth in the Energy Storage Sector.
About Jayne Burch
Jayne Burch is a Fractional Chief Marketing Officer in the renewable energy sector across the United States and Canada. She is founder and CEO of Marketing Monsoon, LLC and Essential CMO. Burch is certified as a Climate Reality Leader with the Climate Reality Project.
Photos: (Click photo to enlarge)
Source: Jayne Burch of Essential CMO
Read Full Story - White Paper Outlines What New Climate Legislation Means to U.S. Battery Research and Development | More news from this source
Press release distribution by PRLog