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Multiple Drivers Accelerating Storage Growth

The big news of the year in the energy storage sector was the purchase of SolarCity by Tesla, which was announced on August 1. While that generated the headlines, lower profile progress seems to be accelerating. Recently, two significant projects were announced in California and a third in Hawaii.

The category is set to move from the periphery to the center of energy sector. Indeed, it seems to be the beneficiary of powerful and interrelated forces: Technical advances, the desire of regulators and users to cut energy use and the resulting strong business case. A report released late last month by Navigant says that the category’s short-term prospects are bright:

"In the next 3-5 years, the storage industry is positioned to truly scale and echo the explosive growth seen in the solar PV industry. Incremental improvements in energy storage technologies, developments in regional regulatory and market drivers, and emerging business models are poised to make energy storage a growing and viable part of the electricity grid."

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