- Newsletter (315)
Unprecedented Growth for Residential Storage in Q1
First quarter numbers are in and they look good for the residential energy storage market. According to the U.S. Energy Storage Monitor, a record 36 megawatt-hours of home energy storage systems were installed in the first quarter of 2018. The report, which was produced by GTM Research and the Energy Storage Association, highlights the rise of residential storage in absolute terms as well as relative to the commercial storage market.
Current growth in the residential storage market is linked to growth of residential solar deployment. State incentives including solar net-metering policies are a key driver of this growth. For example, deployments in California and Hawaii, which both have policies to encourage residential solar deployment, accounted for 74% of residential installations in the first quarter. Solar companies are also expanding their offerings to make solar and storage packages more accessible for more customers. In fact, according to Brett Simon, one of the report authors, “more than 95% of all residential storage is solar-paired.”
While the highest level of growth came in the residential market, the entire U.S. storage market grew in the first quarter by 26% and the market is only expected to keep growing.
Here in Michigan, storage is poised to play a broad role in electricity markets and in the electric vehicle market. For example, storage is playing and will continue to play a role in new utility Integrated Resource Plans. Michigan EIBC aims to help position Michigan to be a leader in this growing sector.
- For the first time, the market for stationary storage batteries and for EV batteries are diverging due to evolving performance demands.
- Storage capacity at Hoover Dam was leveraged for a new solar and storage project.
- NYSERDA unveils an energy storage roadmap for New York state.
- Massachusetts sets the stage for energy storage after striking a deal that allows the owners of storage facilities to retain ownership of their capacity rights.
- Companies from across the globe are competing to build the biggest battery. Greentech Media provides an overview of the latest in the race for the biggest battery.
- A German company is using EV batteries to make an old coal facility a cutting-edge energy storage facility.
- Tesla is seeing the growing demand for solar and storage surpass its supply.
- Venture capital funding for battery energy storage companies in the first half of this year has already exceeded 2016’s total, with $539 million raised across 29 deals.
- Energy storage is set to replace three natural gas plants in California.
Events to Watch
The Battery Show is scheduled for September 11-13 in Novi, Michigan. Register here!
You’re invited to Energy Storage Innovations: Disruptive Technologies, Materials and Applications, on November 14-15 in Santa Clara, California. Register here.