The evolution of battery storage in commercial buildings represents one of the most significant shifts in building energy management of the past decade. Once viewed simply as backup power systems, today’s battery energy storage systems (BESS) are sophisticated assets that enable buildings to participate actively in energy markets while enhancing resilience and sustainability. Our new report, ‘Energy Management Software for Grid-Interactive Commercial Buildings 2024 to 2029’ highlights that this transformation is driven by economics as much as technology. Global investment in battery storage nearly doubled in 2023 to USD 40 billion, reflecting both falling costs and expanding opportunities. The International Energy Agency projects that grid-scale battery storage capacity must grow from 28 GW in 2022 to 967 GW by 2030 to meet net-zero targets, highlighting the critical role storage will play in our energy future. The economics of battery storage have improved dramatically. The cost of 4-hour lithium-ion battery systems has fallen from approximately $490/kWh […]
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