Battery storage is one of the fastest-growing asset classes.

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Among all solar energy trends, this one might impact the industry the most.

Solar might be the fastest-growing industry in new energy generation, but battery storage is one of the fastest-growing asset classes. In fact, over 170 GW of new renewable capacity is scheduled for construction by 2025.

There’s a big reason for that level of growth. Energy storage is seeing huge advances in efficiency and affordability. Now, energy storage is not just an economical addition for solar installs. It’s also the most flexible, allowing energy storage to provide multiple functions, like ancillary grid services and on-demand power.

McNamara believes that batteries are the natural progression to advance solar energy.   

“As batteries have become more efficient and more affordable, the benefits they offer outweigh the means,” McNamara said. “From a utility perspective, batteries help stabilize the grid and reduce wasteful production. From the homeowner perspective, batteries allow the homeowner to store power for power outages and/or peak shave when utility rates are at their highest.”

That’s probably the best part about the solar battery growth. We’re seeing a higher market share of residential battery installs, a true benchmark of affordability and efficiency.

According to Wood Mackenzie and the U.S. Energy Storage Association, new battery-storage capacity in the U.S. doubled in the third quarter of 2020 alone. Better yet, 23 GW of energy storage will be paired with solar in utility-scale operations, representing over 25% of all contracted projects.

While this pairing of new solar installs and battery storage systems is still new, the growth over the next five years should be huge. The SEIA predicts that by 2025, nearly 25% of all behind-the-meter solar systems will be paired with storage, compared to under 6% in 2020.


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