US Energy Storage: Q1 2024 Sees 1,265 MW Installed, Sets Stage for 10 GW by Year End

In the first quarter of 2024, the witnessed a significant surge in installations, with a total of 1,265 megawatts (MW) deployed, marking an 84% increase compared to the previous year and setting a new record for any first quarter. This data was reported in a joint study by Wood Mackenzie and the American Clean Power Association (ACP), released on Tuesday.

The report highlighted that the -scale segment accounted for 993 MW of the total installations, with a notable concentration in , California, and . California drove a robust performance in the residential segment, deploying a record-breaking 250 MW, surpassing the previous quarterly record set in Q4 2023 by 8%.

John Hensley, Vice President of Markets and Policy Analysis at ACP, expressed optimism about the industry's outlook, stating, “We look forward to celebrating the industry's first double-digit installation year and cheering the tight race for top storage state playing out between California and Texas.”

Looking ahead, the grid-scale energy storage segment is projected to reach 11.1 gigawatts (GW) installed capacity by the end of 2024, reflecting a 45% increase year-over-year. The forecast for total US installations anticipates 12.9 GW in 2024 and a cumulative 75 GW by 2028.

Wood Mackenzie revised its five-year grid-scale forecast upward, now expecting cumulative new additions of 62.2 GW through 2028, representing a 5% increase from previous quarterly projections.

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