Energy Storage: A Multi-Billion Dollar Opportunity

Bloomberg New Energy Finance (BNEF) predicts that 305,000 MWh of energy storage will be installed between now and 2030. According to BNEF, the US will be the number one market for battery storage over this period.

At the utility level, storage may be used to fill the gap as aging electricity infrastructure goes offline. For example, New York has already deferred $1 billion in spending on a new substation by installing $200 million in energy storage. Utilities will also likely use storage to manage the variability of renewable power sources or to shave peak demand.

Commercial buildings will also create huge demand for energy storage by 2030. Commercial customers are already using energy storage to reduce their demand charges and many states are launching programs to catalyze these technologies and their adoption. Massachusetts’ Energy Storage Initiative (“ESI”) aims to make the Commonwealth a national leader in the energy storage market. Under the ESI, the Commonwealth has set a target of 200 MWh of storage by 2020 and announced a first round of grants in December 2017.

RENEW can help develop and fund multi-faceted energy system upgrades that include efficiency, solar, storage and combined heat and power. Such a project would provide a customer with significant savings, reduced climate footprint, the ability to manage and reduce their demand, and unparalleled resilience.

Many of our design/build partners agree the RENEW model of energy-systems-as-a-service means they can look for and develop larger projects. Freed from the constraints of having to sell into a customer’s aggressive expectations on return on investment, our partners are looking for ways to provide larger and more complete system upgrades that provide their customers with all the benefits of the next generation energy technologies.

Interested in learning more? Please contact us today.