Wood Mackenzie reported big year-over-year growth for network-scale and residential storage in the US in the first quarter, while commercial and industrial storage slowed.
From pv magazine ESS news place
ood Mackenzie and American Clean Power published their quarterly Energy Storage Monitor report, which found that the US storage market showed strong growth in the electricity storage and residential storage sectors, while the commercial and industrial sectors expanded significantly in the first quarter of 2024 withdrew.
The grid-scale market installed 993 MW / 2,952 MWh of storage, with California, Texas and Nevada responsible for 90% of the total. This was a record quarter for grid-scale storage, which grew 84% year-over-year in the first quarter of 2023. The massive backlog of grid-scale storage with interconnection applications grew 10% year-over-year, with 426 GW of storage in the first quarter of 2023. in line nationally.
Costs fell significantly year-on-year, with grid-scale storage averaging $1,776 per MWh in the first quarter of 2023 and declining 39% to $1,080 per MWh in 2024. The grid-scale segment is expected to increase year-on-year see an increase of 45%. in 2024 with 11.1 GW/31.6 GWh installed, bringing the total cumulative volume over the next five years to 62.6 GW/219 GWh.
Approximately 250 MW/515 MWh of residential storage was installed, a slight increase of 8% from Q4 2023. Interestingly, the residential solar segment grew 48% on an annualized MW capacity basis for the first quarter.
Batteries were attached to 41% of installed solar panels in California
California tripled its residential storage installations year-over-year for the first quarter. Batteries were connected to 41% of installed solar panels in California, indicating there is still plenty of room for growth, Wood Mackenzie said. High interest rates continue to put pressure on the residential solar and storage market, increasing the number of third-party owned systems such as leases and power purchase agreements (PPAs).
Wood Mackenzie predicts that 13 GW of distributed storage will be deployed over the next five years. The residential segment will account for 79% of distributed electricity capacity installations, the report said. It is said that more residential storage will come online as costs fall and the value of exporting rooftop solar during the mid-day also declines.
To read further, visit our new ESS news place.
This content is copyrighted and may not be reused. If you would like to collaborate with us and reuse some of our content, please contact: editors@pv-magazine.com.
