State of Charge: Five Things to Know About the Energy Storage Market Heading into 2020

The U.S. energy storage market is growing tremendously. Indeed, IHS Markit projects that over 40 GW of energy storage capacity will be installed by 2022, starting from a base of only 0.34 GW installed in 2012 and 2013. This growth of the U.S. energy storage market is driven by several commercial and regulatory factors, including an increase in recent utility-scale power purchase agreements, declining costs of lithium-ion batteries, the availability of state and, to a certain extent, federal incentives for solar + storage projects. Here are the five main factors guiding the market heading into 2020.