We often get asked how energy storage is changing the industry. It’s an exciting time for renewable energy and Tradewind is proud to be innovating in this space. Tradewind’s Development Director for Energy Storage, Matt Stedl, shares a few insights in this post.
Energy storage technology enables renewables to meet their full grid potential, providing real-time balance of power supply and demand, creating more reliable, stable, and productive power grids for our country. As storage evolves, it further enables the industry to meet the demand for green power and corporate sustainability initiatives.
The timing is also important as the cost of renewable energy continues its rapid decline. A recent report from Bloomberg New Energy Finance notes that “falling technology costs have allowed unsubsidized solar and onshore wind to become the cheapest source of new bulk power in all major economies except Japan.” Despite these findings – making utility-scale wind and solar power as cheap or cheaper than coal and gas – intermittency has long been an argument made against the industry.
However, the energy storage industry is expanding rapidly, with over 40% annual growth predicted from year 2018 to 2023.
Energy storage does what traditional renewable resources cannot – stores energy in times of excess production and discharges that energy when it is needed. When paired with renewable assets or on its own, energy storage is capable of providing flexible, firm, and clean energy and capacity. Storage will play a pivotal role in creating a truly sustainable energy future, positioning wind and solar for continued growth and success in meeting sustainability goals.
Check out https://tradewindenergy.com/storage-information-resources/ for more information.