Seminar 50 -- Inflation Reduction Act and Tax Credits for Thermal Energy Storage Using Renewable Energy

2023 ASHRAE Annual Conference

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The Inflation Reduction Act of 2022 specifically included thermal energy storage systems in residential and commercial buildings to qualify for the 30% investment tax credits and up to 50%. This changes the economics of air conditioning buildings and encourages owners to install storage systems to prepare for the rapidly transforming utility grid. Thermal batteries will be able to store surplus solar and wind energy, and avoid dirty power. Manufacturers of ice storage, chilled water storage, and heat storage will provide an update on the impact of the new tax credits and the challenges in supporting the market.