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U.S. energy storage boomed in the last quarter of 2020, with record 2,156 megawatt-hours (MWh) of new energy storage systems brought online, up by a massive?182 percent compared to the third quarter, Wood Mackenzie and the U.S. Energy Storage Association (ESA) said in their latest US Energy Storage Monitor report.
Front-of-meter (FTM) storage is booming in the United States, thanks to falling prices and falling barriers to storage deployment, according to the report.
Four out of every five megawatts (MW) installed in the fourth quarter of 2020 were FTM storage, and this segment contributed 529 MW out of the total 651 MW of storage deployed during the quarter.
For the full year, a total of 1,464 MW / 3,487 MWh of new storage was brought online in the United States, Wood Mackenzie and ESA said.
The U.S. storage market is expected to add five times more MW of storage in 2025 than was added in 2020, with FTM storage continuing to contribute 75-85 percent of new MW in each of those years, the analysts say.
“2020 is the first year that advanced energy storage deployments surpassed gigawatt scale – a tremendous milestone on the path to our aspiration of 100 GW by 2030,” said ESA’s Interim CEO Jason Burwen.
Alongside rising shares of solar and wind power in the electricity mix, the U.S. is set to see increased energy storage installation as storage is critical to ensuring more solar and wind power generation.
America has the potential to see 100 GW of new energy storage deployed by 2030, ESA said in a white paper in August 2020.
This is an ambitious target, considering that in its previous estimate from 2017, ESA projected 35 GW of energy storage— including batteries, thermal, mechanical, and pumped storage hydro—installed by 2025. The ambitious 100-GW target of new energy storage is achievable if supportive policies and emerging policies removing barriers to market participation continue, the trade association says.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.