As times goes by, energy storage is getting more and more popular in the market and is now one of the favourite technology in the future. Many people see affordable storage as the missing link for solar, wind, and 24/7 intermittent renewable power reliability.
Currently, major industrial companies now consider energy storage a technology that could transform cars, turbines and consumer electronics. Others, however, take a dimmer view, believing that storage will not be economical any time soon. That pessimism cannot be dismissed.
The transformative future of energy storage has been just around the corner for some time, and at the moment, storage constitutes a very small drop in a very large ocean.
Way back 2015, a record of 221mw storage capacity was installed in the US, more than three times as much as in 2014—65mw, which was itself a big jump over the previous year. But more than 160mw of the 2015 total was deployed by a single regional transmission organisation, PJM Interconnection.
And 221mw is not much in the context of a total US generation capacity of more than a million mega watts. Our research shows considerable near-term potential for stationary energy storage.
One reason for this is that costs are falling and could be $200 per KWH in 2020, half today’s price, and $160 per KWH or less in 2025.