– Frisch spoke at Energy Storage Summit USA 2024 about IRA’s impact on energy storage industry
– US grew battery energy storage system to 17GW by end of 2023
– DOE’s Frisch projected deployments to double in 2024 to 15GW, with focus on long-duration energy storage goals
During the Energy Storage Summit USA 2024, DOE’s Frisch discussed the impact of the IRA on the energy storage industry. The US saw significant growth in battery energy storage systems (BESS) in 2023, reaching 17GW by the end of the year. The ACP reported that 7.9GW of new capacity was deployed in 2023, double the previous year.
Frisch predicted that deployments would double in 2024 to 15GW, with some projects in the interconnection queue not getting built. The IRA has implemented measures such as the 45x manufacturing tax credit and the investment tax credit to boost the clean energy sector, specifically benefiting energy storage projects. The government also aims to reduce storage costs for long-duration energy storage systems by 90% by 2050.
Overall, the keynote address highlighted the positive impact of the IRA on the energy storage industry and outlined the strategies and initiatives in place to support the growth of clean energy technologies. Discussions also focused on the increasing importance of long-duration energy storage systems in meeting future energy demands.