Energy Policy: Trending in the Right Direction for Energy Storage Companies like Joule Case
Enthusiasm for policy to support clean and advanced clean energy technologies has swelled in recent years, becoming a mainstay campaign promise regardless of region or political affiliation. Leaders at the national stage may still quarrel about the best way to support emerging energy technologies, but recognition that government action can and should speed up the types of technologies that will keep the grid reliable, prevent the worst threats of climate change, and maintain affordable power for customers is finally pervasive.
That reality has been abundantly clear in recent years of elections and notably in landmark government actions enacted in recent years, months, and weeks. Particularly, much of that focus on energy policy has thankfully widened to thoroughly include energy storage, battery technologies, and associated component manufacturing. In fact, government officials have implemented new measures at a rate and breadth previously unseen such that casual observers may struggle to keep track of it all.
As a leading provider of unique, portable battery solutions that benefit businesses, homes, and even the grid, Joule Case has been keeping a close watch on these developments. And we’re here to let you know that: Yes—recent energy policy achievements are going to enhance the already great outlook for Joule Case as an energy storage leader. But the reality of how and where that support is coming from goes deeper than the oversimplified sound bites you may be hearing in the news.
With that in mind, this article breaks down the recent jam-packed months (and longer) to highlight how recent policy developments have come to position a battery provider like Joule Case for a bright future.
By the Numbers
According to the Clean Energy and Climate Solutions Federal Funding Database, batteries and energy storage are included technologies in a current (as of September 2022) total of
$8.5 billion in loan guarantees
$5.0 billion in financial assistance to state governments, local governments, and Tribes
$745.7 million in R&D and demonstration projects
For the first time, the Inflation Reduction Act allows energy storage projects (standalone or otherwise) to be eligible for the same pool tax credits as other clean energy technologies like solar and wind, worth a total of $10 billion
U.S. Department of Energy budgetary requests for 2023 have outlined dedicated spending of at least $769 million in energy storage R&D
Looking at just these three buckets of spending alone (recognizing other areas of funding exist in other parts of the government, as well) presents companies like Joule Case with up to $25 billion of opportunity from which to benefit.
Digging Into the Specifics
Much of the funds above that are actively available for energy storage projects, whether via tax incentives, grants, publicly funded R&D, or otherwise, are grouped along with other eligible technologies. For example, a given grant program may allocate $100 million that can be allocated to a certain number of battery, solar energy, and wind energy projects, but the breakdown of how much of that goes to energy storage vs. the other categories depends entirely on what companies bid and win for those funds.
To bring some more clarity as to the type of opportunities available to battery projects and companies, the following sections break down some of the specific provisions and measures that are most likely to benefit the world of energy storage.
Read the rest of the article here.