After breaking numerous records in 2018, the U.S. energy storage industry is not stopping there. With increasing installation, like the 311 megawatts 711 megawatt-hours in Q4 of 2018, energy storage is estimated to double in 2019 and triple in 2020. Both residential and utility-scale storage solutions are being unveiled, in 2018, 15,000 homes storage systems were installed – a 350% increase in megawatt terms from 2017. As storage capacity increases, there is great potential for capturing solar and wind energy to use at a later date and time.
In a recent trip to Houston for CERAWeek, Secretary of State Mike Pompeo cited the growing U.S. energy industry as one aiding the strengthening and security of our nation. With increasing production of oil and gas, as well as renewables like solar and wind, the United States is positioned to work with foreign countries to meet their energy needs. Many reports have suggested that the U.S. will become a net oil exporter over the next few years, and potentially passing Saudi Arabia for the top exporting spot.
NuScale Power is set to deploy the nation’s first small modular reactor plant at a desert site west of Idaho Falls. These modules are self-contained and will not require outside power to cool down or shut down. Currently the technology is undergoing the federal permitting process, but NuScale hopes to begin construction within the next few years and have the first module in operation by 2026. This project is said to generate enough power to power roughly 540,000 homes.
At the end of 2018, solar energy production only made up 1.5% of Florida’s energy portfolio, behind other sources like natural gas. However, another 7,125 megawatts of solar generation are set for production based on data from the 10-year site plans for electric utilities across the state. State and federal incentives are helping jumpstart this growth, as the reduced cost of photovoltaic cells are an investment many are willing to take.
With technological advances and efficient cost-cutting methodology, renewable energy production has been able to grow across the world. Among the countries that are producing the most renewable energy includes: China (545.2GW), U.S. (214.7GW), Brazil (122.9GW), Germany (105.8GW), Canada (96.6GW) and India (90.7GW).