Storage is booming and batteries are cheaper than ever. Can it stay this way?
A battery energy storage system used for testing purposes at the National Renewable Energy Laboratory (NREL) in Golden, Colorado. Courtesy: Paul Gerke
The U.S. energy storage market is stronger than ever, and the cost of the most commonly used battery chemistry is trending downward each year. Can we keep going like this, or are we in a bubble bound to burst?
According to the latest Energy Storage Monitor report released today, in the third quarter of 2024, the United States deployed a total of 3,806 megawatts (MW) and 9,931 megawatt-hours (MWh) of energy storage, a new Q3 record and an 80% and 58% increase over the same span in 2023.
Most of that fresh capacity came courtesy of utility-connected batteries. The new...