In accordance with Wood Mackenzie’s newest report, america put in 345 MW of recent power storage techniques within the second quarter (Q2) of 2021 – a year-over-year (YoY) improve of 162% in comparison with the identical interval final 12 months.
Nonetheless, the market witnessed a 62% quarter-over-quarter (QoQ) decline in comparison with 910 MW of recent storage techniques installed within the earlier quarter.
The report acknowledged that the residential battery storage market declined barely regardless of optimistic market momentum within the US. The primary drop for the phase since This autumn 2018 due to tools constraints, together with the present scarcity of Tesla Powerwall.
In the meantime, the non-residential (industrial and community-scale) market noticed a 31% QoQ rise in new power storage installations, pushed by the neighborhood storage market’s progress in Massachusetts.
The report additionally notes that the power storage market within the US has seen super progress this 12 months. Nonetheless, it requires supportive public coverage to keep up the tempo of deployment required to fulfill decarbonization and resilience objectives.
In Q2 2021, the front-of-the-meter market deployed 218 MW/729 MWh. California continues to guide the market.
Texas and Arizona adopted California with a rise in solar-plus-storage initiatives.
Analysts anticipate storage initiatives of over $5 billion will come on-line since an unprecedented quantity of storage initiatives are slated to be put in within the second half of the 12 months.
US Power Storage Affiliation’s interim chief government officer, Jason Burwen, mentioned, “Power storage deployment achieves decarbonization and resilience objectives concurrently. Storage is more and more essential to allow the accelerated fee of wind and solar energy – with the US Division of Power launched Photo voltaic Futures Examine projecting as a lot as 400 MW wanted by 2035.”
Wooden Mackenzie’s senior power storage analyst, Vanessa Witte, mentioned, “America stays on track for a record-setting 12 months, additional demonstrating battery storage’s rising acceptance throughout the energy market and underlining its significance to the power transition.”
In Q2 2021, a number of new state incentives have been additionally launched for residential and non-residential storage.
In accordance with the report, an funding tax credit score (ITC), which has catapulted the photo voltaic and wind sector, can do the identical for the power storage trade – with the additional benefit of steering extra provide chain funding choices onshore.
The power storage trade additionally anticipates the result of finances reconciliation that would embody a photo voltaic ITC extension and standalone storage ITC.
America had brought 2,156 MWh of recent power storage techniques on-line in This autumn 2020, a brand new report for storage with a rise of 182% over the previous quarter.
Rahul is a employees reporter at Mercom India. Earlier than getting into the world of renewables, Rahul was head of the Gujarat bureau for The Quint. He has additionally labored for DNA Ahmedabad and Ahmedabad Mirror. Hailing from a banking and finance background, Rahul has additionally labored for JP Morgan Chase and State Financial institution of India. More articles from Rahul Nair.