US storage deployments hit record in Q4/23
US ESS deployments hit 4.2GW (12.4GWh) in Q4/23 up over 300% y/y. Deployments for the year were up c.90% y/y with average duration holding flat at three hours. Residential deployment growth, although in double digits, was well below the growth rate for utility scale ESS and anecdotal reports for 2024 suggest that demand remains impacted by higher interest rates, which are not impacting residential storage to the same extent. Many commentators suggest that utility scale storage growth will continue to outpace residential, at least in the first half of the year.
Topics
C&I
ESS
Residential
US
Utility