By: Kevin Williams
Categories: Cool Tech
The energy storage market is surging. Energy storage deployment in the U.S. has increased by 591 percent since 2016, and GTM Research expects the energy storage market to be worth $3.2 billion by 2022. According to the Energy Storage Association, megawatt-hours in the U.S. market grew 284 percent in 2016, and Navigant Research expects this number will grow by another 47 percent in 2017. In addition, more than 60 million people in the U.S. now benefit from energy storage.
The reasons for this growth are numerous as energy storage allows homeowners, businesses, and utilities to save money and reduce waste. Homeowners see lower electricity bills and feel good about protecting the environment; businesses see a benefit to their bottom line as they meet environmental standards; and utilities use the energy they generate more efficiently.
Energy storage also augments the usefulness of renewable energy such as solar and wind power. That’s because it allows you to store energy when weather conditions are favorable for generating electricity and then use it later when they’re not. In fact, the U.S. solar plus storage market is expected to surpass $1 billion by 2018.
Tesla, General Electric, Johnson Controls, and a host of companies large and small are engaging the energy storage market with myriad products and services. However, it’s important for energy decision-makers to select the brand that’s the best fit for their needs and not just because it’s made by a large or well-known company. Energy storage solutions generally offer similar benefits in terms of money savings and waste reduction. However, several other features can be important if you want to receive the most return on your investment:
Integrated IoT smart home user interface – This allows you to monitor, control, and direct energy from storage throughout an building to optimize energy usage. This results in even greater money and energy savings than a system without it. You can also integrate all your building’s disparate smart appliances and control them from a single display regardless of their brand for added convenience.
Guaranteed cyber security – Energy storage systems can be vulnerable to hackers. However, you can protect yourself by choosing one that has guaranteed cyber-security protocols in place.
Quality-focused partner and licensee network – Energy storage systems can be complicated for even the most sophisticated consumer. Thus, they need to be sold, installed, and maintained by professionals who understand energy storage and how it fits with your individual system.
Picking the best energy storage solution is crucial to your ability to maximize the benefit of your investment. This will become even more important as energy storage technology continues to develop and its market influence increases. For more information, visit WillCoEnergy.com.