03/25/2024
The U.S. energy storage market is exploding, with a record-breaking 90% growth in installations year-over-year, according to Wood Mackenzie!
This surge is driven by:
• Lowered costs: Battery prices are plummeting thanks to easing supply chains and lower EV demand.
• Strong demand: All market segments are seeing growth, with grid-scale, residential, and commercial/industrial all experiencing significant increases.
• Policy support: Programs like NEM 3.0 in California are accelerating distributed storage adoption.
Here's a breakdown of the growth:
• Grid-scale: Up 98% YoY, with deployments expected to reach 4.2 GW in 2024.
• Residential: Up significantly, with Q4 2023 reaching a record high.
• Commercial & Industrial: Steady growth with most installations in CA, MA, & NY.
The future looks bright for energy storage:
• Increased resilience: Storage can act as generation, load, and transmission, improving grid stability.
• Continued cost declines: Lower battery prices will further drive adoption.
Are you ready to capitalize on the energy storage boom? AEE Solar offers a wide range of storage solutions to meet your clients' needs.
Get the full report and explore our storage options! https://pv-magazine-usa.com/2024/03/20/booming-u-s-energy-storage-installation-grows-90-year-over-year/
Lowered costs, easing supply chains and steady demand continued the energy storage boom, said a report from Wood Mackenzie.