Solar Battery Market Holds Great Potential: 5 Stocks To Gain

Per a BloombergNEF research report, battery capacity in the United States will jump to 4,800MW by the end of 2020 and may surpass 32,000MW by 2025. This could power nearly 26 million American households. Overall, the solar battery market is projected to grow by leaps and bounds in the near future.

In 2018, the US Federal Energy Regulatory Commission passed a rule that allows battery operators in the United States to sell power in the wholesale market. Additionally, batteries installed alongside renewables will earn a U.S. tax credit. These government policies have boosted investment in solar-plus-storage projects across the nation.

What’s Driving the Solar Batteries Market?

According to ResearchAndMarkets.com’s report, the global market for solar battery is expected to witness CAGR of 12.31% during the period 2019-2024. The growth is expected to be driven by decline in lithium-ion battery prices, adoption of electric vehicles, increased sale of consumer electronics, rising awareness of climate change and constant shift to renewable energy.

Solar energy has been a source of power during daytime. However, with the advancement in energy storage technology, it is no longer confined to daylight hours. The United States is one of the leading solar energy and battery markets. Power producers, utilities and technology companies are providing hefty investments to build industrial-scale battery packs across America’s solar farms.

These solar-plus-storage projects will help people avail solar power even after daylight hours. In fact, a rise in such projects can be seen after prices of solar panel and lithium-ion battery dropped nearly 77% and 87%, respectively, over the past 10 years, per a BloombergNEF and the Business Council for Sustainable Energy research report.

Moreover, the market is getting a push from corporate biggies, as efforts to reduce carbon footprint have taken center stage. Google-parent Alphabet and Berkshire Hathaway Energy’s NV Energy are waiting to get government’s approval to run a new data center in Nevada, comprising 350MW of solar panels and nearly 280MW of batteries. In fact, this Google-NV Energy partnership is one of the largest solar-plus-storage corporate purchasing agreements.

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