Energy storage deployment more than doubled

“The US commissioned an estimated 7.5 gigawatts (GW) of battery storage in 2023, a 62% rise year-on-year, to bring total installed capacity to 19.6GW. Despite record new additions for the fourth year in a row, the US was eclipsed by China as the largest energy storage market in the world and stood in second place in 2023.

Tax credits and other incentives passed through the IRA spurred storage deployments and investment in the sector. Funding to increase the duration, and therefore the grid benefits, of storage also picked up in 2023, with the US Department of Energy (DOE) announcing $13 million for advanced pumped hydro storage, and $505 million towards long duration energy storage, or projects that can deliver electricity for 10 hours or more.“

Source: Business Council For Sustainable Energy’s Factbook 

2024 Factbook Download - The Business of Sustainable Energy (bcse.org) The “Sustainable Energy in America 2023 Factbook” is produced annually by BloombergNEF in partnership with the Business Council for Sustainable Energy. It is free.