Between 2015 and 2019, the cost of battery energy storage declined by 72% in the United States. Consequently, utilities in the U.S. are now planning to bring in 10GW of new grid-connected capacity online in the near future.
The deployment of battery storage across the country has increased to about 1,650MW, which has allowed power grids to operate more resiliently and flexibly. The Energy Information Administration, under the U.S. Department of Energy, recently released a report that looks at battery storage in the country. The planning data gathered from project developers in 2020 demonstrates that with the 10,000MW set to be deployed in two years, the installed base will have grown more than 1,000% from its 2019 operational capacity.
The state of California is in the lead because it will host nearly 40% of this new capacity. This is mainly due to the AB2514 mandate, which directed investor-owned utilities in the state to install 1,325MW of storage in the next three years. However, the administration notes that there are projects that may soon come online in states that don’t have energy-storage requirements or targets, such as Nevada, Arizona and Texas, as well as in states that have them, such as Massachusetts and New York. Meanwhile, states such as New Jersey and Virginia, which both have energy-storage requirements, have no energy storage builds that have been reported to the administration at the moment.
With regard to renewable energies, many expect a substantial increase in co-located battery and solar PV projects. The Annual Energy Outlook report that was released earlier this year expects that by 2050, the U.S. will have 59,000MW/235GWh of large-scale battery storage online, which will include 38,000MW/153GWh of PV plants with battery-storage systems and 21,000MW/82GWh of standalone storage.
The EIA notes that this will be the most common trend used to deploy storage between 2021 and 2023.
Plans show 100 PV plants with battery storage, which equates to almost 7,690MW of capacity, will be installed. This is much better than 60 standalone energy-storage plants, which totals about 3,110MW.
By the end of last year, nearly half of the co-located battery storage systems in operation were paired with wind energy. Plans show that by 2023, roughly 80% of co-located battery storage systems will be solar-plus-storage. For the moment, co-located batteries that charge no less than 75% of the time from their wind or solar resources are eligible for tax credits, which is a strong driver towards the use of hybrids or co-location.
With energy-storage battery developers and manufacturers such as StorEn Technologies Inc. setting their eyes on this growing market, storage-system supply shortages are unlikely to slow down the deployment of the projected megawatts of storage capacity.
NOTE TO INVESTORS: The latest news and updates relating to StorEn Technologies Inc. are available in the company’s newsroom at https://ibn.fm/StorEn
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