The first quarter of 2019 brought the largest amount of new U.S. energy storage deployment on record, a new report shows.
Why it matters: Storage from batteries and other methods helps to integrate growing amounts of renewable power and dispatch it when it's most needed.
By the numbers: The first quarter saw roughly 150 megawatts of new deployment, a 6% rise from the prior 3 months and a 232% increase from the same period last year, per the report from Wood Mackenzie Power & Renewables and the U.S. Energy Storage Association.
Where it stands: Falling costs and supportive policies in several states are helping to drive growth.
- Federal policy is also helping because some solar projects that have a storage component are eligible for solar project tax credits.
- But advocates want lawmakers to approve tax credits for stand-alone storage projects.
The big picture: The report projects the U.S. storage sector will more than quadruple in size to become a $4.8 billion market in 2024.