WASHINGTON, D.C. March 30, 2023 – Preliminary findings from a report announced by the American Clean Power Association (ACP) today show that installing energy storage in Maryland could result in substantial savings for energy customers and significant emissions reductions over the next 10 years. The study, commissioned by ACP and conducted by Synapse Energy Economics Inc., contains the following findings:
- Maryland can cost-effectively build more than 3,500 megawatts (MW) of energy storage by 2033
- Building 3,000+ MW of energy storage could save Maryland ratepayers as much as $100 million annually by 2033
- A Maryland state energy mix with more than 3,000+ MW of energy storage could reduce emissions by 93% over the next ten years, relative to today’s emissions
The U.S. energy storage market continues to expand rapidly, with 2022 setting an installation record of 4.8 gigawatts (GW) of storage capacity. Based on industry estimates, the U.S. storage market is expected to install almost 75 GW between 2023 and 2027. States such as Maryland are increasingly including energy storage as part of their plans to reduce carbon emissions and build a reliable, clean grid.
“Maryland’s commitment to net-zero greenhouse gas emissions by 2045 has supercharged the need to clean up our grid,” said Moira Cyphers, ACP Director for Eastern State Affairs. “Maryland state leaders are looking toward the future and thinking about building clean energy capacity as Maryland brings on new sources of generation like wind and solar. That’s why we support House Bill 910 and its Senate companion, Senate Bill 697, which aims to establish an energy storage target goal and set the state on a path to reach that goal by 2033. Storage is critical to meeting our emissions and energy goals – and now we’ve got the data to show it’s a cost-effective investment, too.”
Today’s announcement from ACP includes the report’s preliminary findings, while the full report will be released in the coming weeks.