Often overshadowed by their counterparts in flashy electric cars, batteries for renewable energy storage are becoming increasingly important to countries’ net zero ambitions.
While solar and wind energy have the benefit of reducing reliance on carbon-emitting fossil fuels, the availability of these alternatives is entirely weather dependent. So, to address this problem — and stimulate the renewables sector — governments have recognised the need to support battery storage projects.
In the US, the Inflation Reduction Act offers people a tax credit for battery storage when it is part of a renewable energy investment, such as a rooftop solar installation. In 2021, the Biden administration also announced a plan to cut the cost of battery systems that can store energy for more than 10 hours at a time. In August of this year, it reported that businesses had committed at least $122bn to clean energy projects, including battery storage.