Congressman Steve Knight, R-Palmdale, introduced H.R. 5610, the Better Energy Storage Technology Act on Wednesday. This bipartisan bill would establish innovation goals to develop commercially-viable large-scale energy storage technology.
The concept of the BEST Act is modeled after similar “moonshot” initiatives that have successfully fostered rapid advancements in innovation and technology. Two of the most notable examples are the Department of Energy “SunShot” initiative that reduced the cost of solar energy by 75 percent and the department’s hydraulic fracturing investment that led to the shale oil and gas boom. The bill is co-led by Illinois Congressman Bill Foster, D-Aurora.
“One of the biggest challenges facing the growth of renewable energy sources like, wind, solar, and other alternative producers is a lack in commensurate development of energy storage technology,” Knight said in a news release. “This bill will consolidate the research in this field to foster rapid development and get this vitally-important tech into the hands of consumers and industry leaders. Programs like this have proven very successful in the past, and this bill will be the kickstart needed to usher in a new era of energy technology and lay the foundation of what will become a $100 billion industry for American businesses.”