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Is solar a good investment for battery storage?

Solar is set to account for the largest share of new capacity, at 58%, followed by battery storage, at 23%. The Inflation Reduction Act of 2022 gave new impetus to the U.S. battery storage market by introducing investment tax credits for standalone energy storage projects not connected with a solar or wind generation facility.

Is solar a new thing for oil & gas?

Solar energy is not a new thing for the oil and gas industry. As far back as 2003, Chevron had a project powering operations in the Kern oil field of California with solar energy. BP also got into solar panel manufacturing under Sir John Browne’s “Beyond Petroleum” mission (before solar manufacturing became mostly China’s game and most everyone else went bankrupt).

Will solar & battery storage account for 81% of new electricity capacity?

Separately, the EIA expects solar and battery storage to account for 81% of new U.S. electric-generating capacity in 2024. Solar is set to account for the largest share of new capacity, at 58%, followed by battery storage, at 23%.

How much solar power does an enhanced oil well use?

It will use 6 megawatts of concentrated solar power for enhanced oil recovery. The excess energy is also stored in the rocks for months at a time. The technology is suited for sedimentary formations, spongy deposits that hold heat. About 3%-4% of enhanced oil well recovery sites across North America have this potential.

Can battery storage be paired with solar energy?

Battery storage is increasingly being paired with solar energy generation, with projections of significant growth in both sectors. Battery storage installations are soaring in the United States thanks to incentives in the Inflation Reduction Act (IRA), which offers, for the first time, tax credits for standalone storage capacity.

Can solar power help reduce oil emissions?

Solar power can help reduce emissions from oil operations, but it is not a de-carbonization strategy. The oil and gas sector has been experimenting with solar power as a generation source for oil operations for decades, such as this Chevron (then ChevronTexaco) California project in 2003.