Incorporating energy storage into a solar array is not as easy as just picking a battery off the shelf. Certain chemistries work better in certain environments, and storage capabilities are influenced by the solar application. (more…)
Fueled by cheap battery costs, wind and solar power are poised to produce nearly 50% of the world’s electricity by 2050, according to a Bloomberg New Energy Finance report released Tuesday.
Why it matters: Renewable energy is getting cheaper as its technologies reach greater economies of scale. Notable this year are the falling prices for batteries that store energy generated by the wind and sun, which have become cheaper and easier to implement than previously forecast.
The benefits energy storage can provide in terms of power grid support and flexibility are becoming clear, but creating the right market mechanisms and rate designs will be critical to scaling up energy storage deployment, federal and state officials said.
MIT professor Yet-Ming Chiang has launched his latest storage bet, a flow battery startup designed to make renewable energy directly competitive with fossil fuels (see “24M’s Batteries Could Better Harness Wind and Solar Power”).