Energy storage is most often lithium-ion-based battery storage, which allows businesses to avoid peak pricing and utilities to reduce wholesale demand and energy costs while increasing reliability and supporting the clean energy transition.
Energy storage (standalone or paired with solar PV), allows power to be delivered at the most strategic times. It is only within the past decade that energy storage has become a cost-effective solution to deliver power when you need it, not simply when it is produced. For the first time in the history of the grid, we are no longer dependent on using energy at the precise moment it is produced.
Global energy storage installations are projected to multiply 122-fold by 2040.
The electrical grid is the largest machine ever built—yet it is rapidly aging and will continue to be challenged by an ever-changing, decentralized, and renewable-driven energy landscape.
This evolution has created logistical and financial challenges for utilities, which will pass costs onto their customers.
At the same time, the cost of batteries has dropped ~80% in the last decade, making energy storage a financially viable—and advisable—solution in many applications.
Energy storage works well on the current grid and with a wide variety of technologies to hedge against rising prices and volatility while supporting the proliferation of renewables. Energy storage also allows power to be deployed at more strategic times, helping businesses avoid premium pricing during times of peak demand and insulating utilities against the changing energy landscape.