SB700 was signed into law in September and extends California’s Self-Generation Incentive Program for another five years, through 2025. The bill will add up to $800 million for energy storage initiatives along with other clean energy technologies for the state.
Key Provisions
- SGIP incentive to boost all behind-the-meter energy storage deployments
- Will continue through the end of 2025, adding roughly $166 million/year in incentives
- CALSSA estimates SB700 will support the installation of roughly 3 GW of BTM storage
- Rebate money will be set aside for residential & commercial systems including schools, farms & businesses
What’s the net effect?
The passing of SB700 will not only supply the incentive money needed to continue the growth of energy storage and renewable energy technologies in California, but it will also support thousands of jobs. According to the California Solar & Storage Association, the state’s current solar jobs are jeopardy because the energy storage market has not yet achieved the same speed of growth and decline in cost. The state of California is also seeing new time-of-use rate schedules which will make solar more expensive without energy storage. SB700 will add the much-needed incentives to assist in making energy storage more affordable, in turn helping to continue the growth of solar. The extension of the SGIP program will add nearly 3,000 megawatts of behind-the-meter storage by 2026.
Updates in Energy Toolbase
- Energy Toolbase is built to be fully dynamic, meaning all of the SGIP incentives should calculate correctly in our software for any scenario based on different types of configurations and assumptions
