From pv magazine ESS News site
ood Mackenzie and American Clean Power released its quarterly Energy Storage Monitor report, finding that the U.S. storage market posted strong growth in the grid-scale and residential storage sector, while the commercial and industrial sectors retracted significantly in Q1 2024.
The grid-scale market installed 993 MW / 2,952 MWh of storage, with California, Texas, and Nevada responsible for 90% of the total. This was a record quarter for grid-scale storage, growing 84% year-over-year over Q1 2023. The enormous backlog of grid-scale storage with interconnection applications has grown 10% year-over-year, with 426 GW of storage in the queue nationwide.
Costs declined considerably year-over-year, with grid-scale storage averaging $1,776 per MWh in Q1 2023 and falling 39% to $1,080 per MWh in 2024. The grid-scale segment is projected to see a 45% increase year-over-year in 2024 with 11.1 GW/31.6 GWh installed, bringing total cumulative volume in the next five years to 62.6 GW/219 GWh.
About 250 MW / 515 MWh of residential storage was installed, posting a slight increase of 8% over Q4 2023. Interestingly the residential solar segment grew 48% on an MW capacity basis year-over-year for Q1.
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Wood Mackenzie forecasts that 13 GW of distributed storage will be deployed over the next five years. The residential segment will constitute 79% of distributed power capacity installations, said the report. It said that more residential storage will come online as costs decrease and the value of exporting rooftop solar mid-day decreases as well.
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