Recently, the U.S. Energy Information Administration revealed that of the battery storage that is to be deployed in the United States, more than 50% will be installed with solar PV.
The U.S. Energy Information Administration is an independent group that carries out surveys to gather statistics on planned and existing generators and linked equipment at power plants. This administration is an agency of the U.S. Federal Statistical System.
The agency stated in its most recent figures that last year, more than 3 GW of battery storage was added in the United States, highlighting that this was a substantial increase on total battery storage added in 2020. The 3.1 GW installed in 2021 is an even bigger increase if one considers that only 100 MW had been installed a decade ago, and the 1 GW line was only crossed a couple of years ago.
Operators and developers of power plants are expected to launch 10 GW of energy storage and more than 40 GW of utility-scale solar PV plants over the next two years. This is 60% of the total gigawatts of capacity additions expected over the 2022–23 timeframe. The states of New York, California and Texas are expected to lead this deployment of solar PV and battery storage, making up more than 25 GW of new additions. The U.S. is also expected to see 15 GW and 16 GW of wind power and natural gas installed respectively over the next two years.
PV Tech, a leading publication for the solar industry, reported that the Energy Information Administration expects more than 20 GW of new utility-scale solar PV to be deployed in 2022; the sector deployed 13 GW last year. A separate end-of-year report released by the American Clean Power Association also found that in 2021, more than 2.5 GW of utility-scale battery energy-storage system deployments were done in the United States.
When installed at the same time, solar PV and battery storage can qualify for investment tax credit (“ITC”), which reduces the capital cost of investment. This has driven solar-plus-storage implementation in the U.S. significantly. It should be noted that without PV, standalone energy storage doesn’t qualify for an investment tax credit. However, advocates and industry groups have been lobbying for energy storage to be included in the ITC and options to unlock tax credit benefits more easily and quickly.
The declining costs of energy storage have also driven adoption, with high demand from the electric car sector and decreasing prices in raw materials also driving activity. The development of other battery chemistries, such as the vanadium redox flow batteries manufactured by StorEn Technologies Inc., has also widened the energy storage space.
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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