A brand new report launched by Wood Mackenzie and the US Energy Storage Association states the US power storage market has elevated by 240% within the third quarter of 2020 in comparison with the second quarter.
Up to 764MWh of power storage capability was deployed in Q3, greater than twice the earlier excessive.
Although the residential phase grew, the foremost progress was within the front-of-the-meter (FTM) phase, leading to a brand new report being set. California deployed nearly all of the FTM initiatives.
Nearly 400MW of residential storage capability and 578MWh of FTM had been deployed in Q3, surpassing earlier data of 133MW and 296MWh, respectively.
More FTM storage was put in in Q3 than was put in throughout all segments throughout another quarter over the previous seven years.
Despite comparatively low durations for methods deployed this quarter, FTM MWh deployments beat the earlier report set in Q1 2017 by almost 200%.
The residential storage market has grown steadily for six quarters in a row, hitting 52MW (119MWh) in Q3 2020, with resilience as the important thing driver.
Owing to the SMART programme, Massachusetts continued its progress within the non-residential phase, topping Hawaii’s deployment which got here second.
Non-residential deployment has slowed in current quarters, including round 30MW every quarter of this 12 months, in distinction with the phase’s 40+ MW quarterly highs in Q1 and This autumn of 2019.
The US battery power storage market is about to develop from 1.2GW in 2020 to almost 7.5GW (and 26.5 GWh) in 2025, based on the report.
Factors driving the expansion embody large-scale utility procurements. Solar-paired storage will account for a massive majority of these installations, and probably the overwhelming majority, as builders goal to seize worth from the Investment Tax Credit.
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Kelly Speakes-Backman, the CEO of the US Energy Storage Association, stated: “Energy storage deployments proceed to develop, regardless of the financial downturn and COVID-related slowdowns.
“The indicators are pointing towards an unprecedented improve in power storage within the coming months, shifting us nearer towards reaching our 100GW by 2030 imaginative and prescient. With continued coverage assist and regulatory reform on the state and federal ranges, power storage is poised to proceed this trajectory and allow a extra resilient, environment friendly, sustainable, and inexpensive electrical grid for all.”
“These eye-catching deployment totals characterize solely the start of a long-anticipated scale up for the US storage market. Massive value declines and efforts to make sure eligibility have set the stage for exponential progress, and the curtain has solely simply risen on Act One. Considering the size of methods anticipated for 2021 we don’t count on this report, as exceptional as it’s, to face for lengthy,” added Dan Finn-Foley, Wood Mackenzie head of power storage.
“Although the residential storage market has hovered at round 7,000 deployments per quarter in 2020, the sector is now set to broaden by 6x by way of 2025, with more and more energetic markets in New York, Massachusetts, PJM, Texas and Florida, amongst different states”.
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