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.”

Click here to read the full article
Source: Solar Power World

—

If you have any questions or thoughts about the topic, feel free to contact us here or leave a comment below.

/0 Comments/by
You might also like
CA’s energy storage portfolio could yield net grid benefits of up to $1.6B a year by 2032 as the state looks to expand grid-scale battery installations to 13.6 GWCalifornia’s storage portfolio could provide grid benefits of up to $1.6B per year by 2032, report finds
Inseanergy recently installed its first commercial installations after completing a pilot project with Hofseth International's fish farm.Floating solar tech for aquaculture
Warehouses, commercial areas, shopping centers and factories are perfect for solar and battery power stations.How warehouses and shopping centers could produce 25% of Australia’s power
About 60% of customers have included battery energy storage with their rooftop solar installation, up from roughly 10% prior.California is now a batteries-included rooftop solar market
Giant batteries are delivering solar power after dark in California and helping to stabilize grids in other states.Giant batteries are transforming the way the US uses electricity
The US has officially exceeded 5M solar installations, marking another milestone just 8yrs after the nation reached 1M installations in 2016.US surpasses 5 million solar installations
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *