Elon Musk’s Grand Plan to Power the World With Batteries | © [wired.com]

The idea of energy storage has been around since the 1970s, says Ravi Manghani, a senior energy storage analyst at GTM Research, but didn’t advance much until the early 2000s. In the past decade, an increased appetite for renewable energy and advances in solar panels and lithium ion batteries have attracted dozens of players to the idea of letting consumers and utilities put their power in reserve.

Battery efficiency is growing about 8 percent annually, according to Manghani. Prices are expected to drop 50 percent in the next two to three years, says Sam Wilkinson, research manager for solar and energy storage at IHS Technology. That’s due in part to Tesla, and while there’s still room for improvement, it’s a great start.

The market for energy storage is split into three segments, Wilkinson says: Utilities, commercial, and residential.

via Elon Musk’s Grand Plan to Power the World With Batteries | WIRED.

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