October 23, 2020
The implementation of energy storage systems alongside distributed generation solar PV will inevitably play a huge role in the future of the energy sector. Many states have already adopted legislation and policies to incentivize the deployment of energy storage and it’s likely that more will follow suit. Energy storage will play a pivotal role in the growth of renewables moving forward, and we’ve detailed a few key benefits of solar + storage below.
State Clean Energy Goals
As you may have read in our recent blog post about solar + storage state policies, many states across the country have set ambitious climate-related goals. The deployment of renewable energies like solar alongside energy storage systems will be necessary to achieve these goals and set us up for a clean, green future. A recent report from Wood Mackenzie suggests that significant growth in the deployment of energy storage is necessary to meet these targets. According to the report, a jump from 11 gigawatts today to 277.9 gigawatts by the year 2040 will be required.
Looking at New York, for example, energy storage will be vital to meet the goal of 100% renewable electricity generation by 2050, which is why the Climate Leadership and Community Protection Act (CLCPA) includes a target of 3,000 MW of energy storage by 2030. In the future we are likely to see plenty of other states adopting their own energy storage goals.
Grid Modernization
As many states target completely renewable electricity generation in the coming decades, it will be necessary to modernize the grid using solar and energy storage. Power providers will need to efficiently manage demand response in a manner which is both environmentally friendly and economically viable. The integration of solar energy and energy storage systems will be necessary for the modernization and clean energy transformation of the grid.
COVID-19 Recovery
COVID-19 has impacted both the solar sector and the energy storage industry, but it remains clear that the vast potential of these technologies will be vital in our collective recovery efforts. The resiliency and reliability offered by solar-plus-storage will be a key factor in safeguarding against future issues like hurricanes, wildfires, and power outages. Following the turmoil of 2020, the stability of solar-plus-storage will offer an avenue to recovery for the renewable energy sector. This March 2020 study from the Energy Storage Association (ESA) highlights the problems caused by COVID-19, while also recognizing the huge potential of energy storage and pushing for federal support measures.
Are you interested in energy storage for your home or business? Reach out to YSG Solar today. Whether or not you have already installed solar panels with YSG, we are happy to discuss your battery storage options. Send us an email or call at 212.389.9215 to get started.
YSG Solar is a project development vehicle responsible for commoditizing energy infrastructure projects. We work with long-term owners and operators to provide clean energy assets with stable, predictable cash flows. YSG's market focus is distributed generation and utility-scale projects located within North America.
Sources:
All information in this article is courtesy of ‘SOLAR + STORAGE: The Evolution of Storage with Distributed Generation Solar PV’, an eBook from Standard Solar.