A Power-Packed Future: US Forecasts Near-Doubling of Battery Storage Capacity in 2024.
Developers are aiming to boost the battery storage capacity in the United States to over 30 gigawatts (GW) by the conclusion of 2024, as outlined by the US Energy Information Administration (EIA).
As of the close of 2023, the combined capacity of planned and operational utility-scale battery projects in the US amounted to approximately 16 GW. Forecasts suggest an additional 15 GW of battery storage will be added in 2024, with another 9 GW anticipated in 2025.
The growth trend in US battery storage capacity, initiated in 2021, is projected to surge by 89% by the year’s end, assuming the execution of all planned energy storage projects.
California and Texas are currently spearheading the expansion of battery capacity. California, where utilities are now obligated to integrate energy storage, leads the nation with an installed battery capacity of 7.3 GW, followed by Texas with 3.2 GW. The impetus in these states is bolstered by robust solar and wind development, facilitating the storage of surplus clean energy during low-demand periods and its release during high-demand periods.
The remaining 48 states collectively possess approximately 3.5 GW of installed battery storage capacity.
The Inflation Reduction Act investment tax credits initiated by the Biden administration have significantly fueled the growth of battery storage in the US. Developers envision the realization of over 300 utility-scale battery storage projects in the country by 2025, with nearly half of the planned capacity installations concentrated in Texas.