With more compensation and incentive options, energy storage adoption is on the rise

US energy storage industry has met many milestones in recent years, but 2023 should be a banner year for battery adoption across all markets.

The U.S. energy storage industry has met many milestones in recent years, but 2023 should be a banner year for battery adoption across all markets. Thanks to the new storage investment tax credit (ITC), systems of any size have access to a 30% installation credit.

Research firm Wood Mackenzie is forecasting 59.2 GW of energy storage capacity to be added through 2026, up from the market’s 13.5-GW cumulative capacity in 2022.

“The U.S. energy storage industry is reaching maturity,” said Jason Burwen, VP of energy storage at the American Clean Power Association, in a press release. “Energy storage is now regularly being installed at over 1 GW per quarter. Combined with the tailwinds of newly available tax credits from the Inflation Reduction Act, the question for investors and grid operators now is not whether to deploy storage, but how much storage to deploy — and how fast.”

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Source: Solar Power World

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