Cost: The cost of renewable energy storage is coming down. In recent years, the cost of lithium-ion batteries has fallen by more than 80%. As the cost of storage continues to fall, it will become more affordable for homeowners, businesses, and utilities to install storage systems.
Efficiency: The efficiency of renewable energy storage technologies is also improving. New battery technologies are being developed that can store more energy and release it more quickly. This is making storage more useful for a wider range of applications.
Durability: The durability of renewable energy storage technologies is also improving. New battery technologies are being developed that can last longer and withstand more abuse. This is making storage more reliable and less expensive to maintain.
Scalability: Renewable energy storage technologies are becoming more scalable. This means that they can be used to store larger amounts of energy. This is important for applications such as grid-scale storage, which can help to balance the grid and provide backup power during outages.
Flexibility: Renewable energy storage technologies are becoming more flexible. This means that they can be used in a variety of applications. This is important for the widespread adoption of renewable energy, as it will allow storage to be used to match the needs of different users.
Intermittency: Renewable energy sources such as solar and wind are intermittent, meaning that they do not produce electricity all the time. Storage can help to address this intermittency by storing energy during periods of high production and releasing it during periods of low production. This can help to ensure a reliable supply of electricity.
Sustainability: Renewable energy storage technologies are sustainable. They do not produce greenhouse gases or other pollutants. This makes them a good choice for meeting our energy needs in a sustainable way.
Economics: The economics of renewable energy storage are improving. The cost of storage is coming down, and the benefits of storage are becoming more apparent. This is making storage more attractive to investors and businesses.
Policy: Government policies are supporting the development of renewable energy storage. A number of countries have policies in place to promote the development of storage, such as tax credits and grants. This is helping to drive investment in storage and make it more affordable.