POWER magazine has an article about energy storage and batteries for future-looking communities.
The private sector is traditionally known as a driver of innovation, so it may be surprising to some people that many businesses have only recently begun to consider advanced energy technologies. Looking at renewable energy, for example, the commercial and industrial (C&I) sector has been slow in its adoption, whereas residential and utility buyers of wind and solar power have driven exponential growth.
The pace of C&I adoption of new energy technologies is accelerating, however, as corporate procurement of both wind and solar power is finally starting to take off. The primary reason is a financial one: Wind and solar have reached record low costs that can benefit nearly any company’s bottom line. Government policy, corporate sustainability goals, and more-mature, lower-risk technologies have also played significant factors in this growth trajectory.
Energy Storage Poised to Expand
Battery storage is the next area of explosive growth for C&I companies. A report from Navigant Research estimates that battery storage for C&I companies will grow more than tenfold over the next decade, with annual revenue for the C&I energy sector reaching $10.8 billion in 2025, up from $968.4 million in 2016.
Whether it’s increased energy resilience that protects operations or goals of cutting emissions and creating a truly energy-independent enterprise, C&I companies are realizing the significant benefits of energy storage. There are also financial benefits that are prompting C&I energy users to take a closer look at storage.
Ancillary Services Offer Opportunity
Though there are a growing number of applications for energy storage upon which C&I customers can capitalize, one compelling way to tap into the revenue potential of energy storage is in ancillary services and capacity markets. Both market opportunities are becoming increasingly accessible to storage located on C&I sites.
Read the full article at POWER MAG.