Thermal Energy Storage Market Expected to Progress Immensely Between 2017-2015

The thermal energy storage market is expected to grow due to the rise in demand of thermal energy. Solar and wind energy can be conducted on the same site but the storage of the energy made is the issue. The high cost of the storage is the only downfall to this innovation. Developed countries like the U.S. have an advantage as they are able to claim research and development (R&D) tax credits during the process of the development of this technology.

The adverse effects of greenhouse gases has helped the thermal energy storage market become more of a need. The issue with renewable energy is that there is not enough space to store the energy that is being made. Solar and wind energy are available infrequently meaning that the thermal energy storage unit is needed to make the energy usable and the creation of energy worthwhile.

The downfall of this market is the high cost of the development and installation of this product. Companies in the U.S. have the opportunity to apply for R&D tax credits in order to aid in the cost of this new technology with up to 14% in credit. If your company is improving or developing a new product, contact a Swanson Reed R&D Tax Advisor today to check your eligibility.

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