What is Energy Storage?
Energy Storage technologies allow energy generated by intermittent energy sources like solar and wind to be stored into the electricity system.
In the event of a conventional power grid outage (such as the one during Hurricane Sandy), solar PV arrays will stay online through power of advanced energy storage systems. The system batteries will keep a critical load online for a certain amount of time, and recharge the next day.
Markets for Energy Storage
In February 2012, the Storage Technology for Renewable and Green Energy Act (STORAGE) was introduced in the U.S. House of Representatives to open the market for energy storage technologies in the U.S..
The three major markets that are developing for energy storage include: utility/grid scale, commercial and homes.
Battery technology has accelerated the development of markets for energy storage. Innovations in battery design involve improvements in round-trip energy efficiency, energy density, cycle life and run time. Additionally, low cost of materials, architecture, and manufacturing processed have resulted in low-cost battery technologies.