US energy storage deployments surged by 80% reaching nearly 10 GWh in Q3 2024

A record-breaking 3.8GW/9.9GWh of energy storage was deployed in the US during Q3 2024, according to Wood Mackenzie’s US Energy Storage Monitor. The deployment represents an 84% annual growth in megawatts (MH) and a 60% increase in megawatt-hours (MWh), based on the report produced in collaboration with the American Clean Power Association (ACPA).

The majority of deployments (over 90%) came from the grid-scale segment, while residential storage accounted for around 9% and commercial & industrial (C&I) made up approximately 1%.

Grid-scale installations totalled 3,431MW/9,188MWh, with Texas and California dominating the market. California alone accounted for two-thirds of the total, while Texas contributed a quarter. Arizona followed with 180MW (about 1% of the total), with smaller contributions from other states. In the residential segment, California, Arizona, and North Carolina led installations.

For 2024, total energy storage deployments across all segments are projected to reach 11.9GW/34.4GWh—an increase of 29% in GW and 26% in GWh compared to last year’s 7.8GW/20.6GWh, based on ACPA’s earlier figures.

While the report does not specify technology types, most installations are expected to rely on lithium-ion battery energy storage systems (BESS). Looking ahead, Wood Mackenzie’s five-year forecast suggests GWh growth will outpace GW growth, likely due to increasing project durations.

The firm also noted the potential impacts of Donald Trump’s recent presidential election victory. While a full repeal of the Investment Tax Credit (ITC) for energy storage is not anticipated, certain provisions may be at risk.