Hello there, solar explorers! Today, I’m buckling in to discuss the tremendous year-over-year growth in the solar industry, primarily focusing on grid-scale storage and residential solar installations. It’s an exciting time and there’s a lot to cover so let’s dive right into it!
Firstly, most of you must already be in sync with the term “grid-scale storage.” If not, let me clarify. Grid-scale storage refers to large, utility-scale battery storage units that help save excess power generated by solar arrays for home and grid use. In Q1 2024, there was an impressive 84% increase in grid-scale installations compared to Q1 2023. I bet you didn’t see that coming!
Nevertheless, popularity is not the only factor at play here. Falling costs are also driving this surge. Grid-scale storage costs fell by a steep 39% year-on-year. This decline in costs has accelerated the expansion of grid-scale storage, and there’s no sign of slowing down!
As if this news weren’t electrifying enough (pun intended), residential solar installations also notched up a significant win. The solar market recorded a 48% increase in residential installations, an incredible growth spurt, thanks mainly to falling solar panels for your home costs.
Let’s zero in on California, which became the star of the show by tripling its number of residential solar installations, a feat that attests to the growing demand for solar companies and homeowners to invest in solar power.
While this trend of more and more homeowners choosing to invest in a solar array for their home is heartening, we need to address the elephant in the room: high-interest rates. Although they’ve increased the amount of third-party-owned systems like leases and power purchase agreements (PPA), it’s crucial to remember that affordable solar is still a viable pursuit.
On the other hand, the commercial, community, and industrial market experienced a bit of a slump. Still, Wood Mackenzie, a leading market research firm, assures us that these sectors hold strong potential for growth in the long run.
In sum, the solar industry has moved leaps and bounds. With 12.9 GW / 35.8 GWh of storage expected to be installed in 2024 across these segments, the future is indeed bright (pun fully intended).
We must also remember that the boom in the solar market comes at a critical juncture when our energy demands are growing and weather patterns are becoming more unpredictable. The increase in popularity of solar panels for your home and grid-scale storage presents a sustainable solution that offers resilience against these hurdles.
As your solar buddy, I’m thrilled to share these exciting developments with you and look forward to even more progress in the solar industry!
Remember, the more we learn, the closer we get to a renewable future. Until next time, keep soaking up that sun!
Original Articlehttps://pv-magazine-usa.com/2024/06/18/u-s-grid-scale-storage-grows-84-residential-storage-48/
