Energy storage in the U.S. will more than triple this year as regulators allow use of the technology by utilities and homeowners, according to a study by GTM Research and the Energy Storage Association.
Changes in regulatory policy, particularly in California, and the growth of renewable energy are driving demand, said Ravi Manghani, an analyst with Boston-based GTM and lead author of the report.
Tesla Motors Inc., which is proposing to build a battery factory, will be among the beneficiaries of increased storage sales. Tesla CEO Elon Musk is also chairman of SolarCity, the company that will build solar panels in the 1-million-square-foot plant being built on South Park Avenue in Buffalo.
SunEdison Inc. announced the acquisition of a storage company Wednesday, part of a strategy to add technology that can supply power when solar isn’t available. The panel maker and power producer NextEra Energy are moving more into storage as federal tax incentives for renewable-energy projects begin drying up, Manghani said.