Fwd: The US home battery boom

[Loretta Lohman]

First quarter saw record installations ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

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There’s a corner of the clean tech market that’s thriving in the US — home batteries. Today’s newsletter brings you the latest data on record installations of battery storage, with California and Hawaii leading the way, and significant increases in Texas and Arizona. We also spoke to a board member at Allianz about the growing number of uninsurable assets. And we look at how high temperatures in the eastern US could impact World Cup matches. Subscribe to Bloomberg.com for unlimited access to all our coverage. US homeowners turn to batteries By Summer Maxwell Americans can no longer get federal tax credits to install solar panels at home, but a growing number are using state incentives to add home batteries. Homeowners installed a record 673 megawatts of battery storage in the first quarter of 2026, according to data from the US Energy Information Administration. States with high electricity prices and policies that encourage battery installation drove the surge. California and Hawaii led the country in new storage. Texas and Arizona also saw significant increases. “You’re seeing state policy demonstrate its importance,” said Ari Matusiak, founder and chief executive officer at Rewiring America, a nonprofit that advocates for home electrification. The battery boom comes as the residential solar industry is slumping after the Trump administration terminated a tax credit giving homeowners a 30% break on solar panel installations. The elimination of the benefit drove down new installations 10% in the first quarter of 2026 compared to the same period last year. State policies, however, have boosted battery storage installations to new highs. “The fact that California, Hawaii, Texas and Arizona are incentivizing battery adoption is the main reason for the trend,” said Cosmo van Steenis, a solar and storage analyst at BloombergNEF. A worker installs a battery at a home in San Francisco, California. Photographer: Michaela Vatcheva/Bloomberg The first-quarter increase in battery installations was sharper than the firm had originally expected — and could trigger a revision to its 2026 forecast were the trend to continue, BNEF said. “The economics have suddenly shifted towards batteries because if you add on a battery to a system, you can access all these extra revenue streams,” said van Steenis. “And solar on its own is no longer as economic as it was.” The shift is transforming how solar and battery installation companies do business. Martyna Kowalczyk, founder and chief executive officer of Solartime, a family-owned solar installer in the Dallas area, said she’s had to move her business away from solar installations because of the slump and towards panel maintenance and battery additions. “Three years ago we would sell three batteries for 10 systems that we sold,” she said. “Right now it’s more like eight homeowners out of 10 are electing to do a battery.” Get full coverage Solar stall 15% Decline in residential solar installations in the US expected for 2026, from the 4.1 gigawatts added last year, according to BloombergNEF Soft sales “It’s a zero-growth sector” Joe Osha Guggenheim Securities clean energy analyst after dropping coverage of Sunrun, the US’s biggest home solar company Uninsurable assets By Alastair Marsh Extreme weather events — such as the heat wave gripping Europe — are making a growing number of assets too risky to insure, according to a director at Europe’s largest primary insurer. “Certain locations and perils cannot be covered as we would wish them to be covered,” Günther Thallinger, who sits on the management board of Allianz SE, said in an interview. “We cannot help it.” Heat, floods, storms and wildfires “could become so frequent that they challenge traditional insurance models,” he said. “Risk-adequate pricing would not be affordable any longer.” Günther Thallinger Source: Allianz SE The warning comes as millions of Europeans endure some of the highest temperatures ever recorded in the region, with scientists identifying man-made climate change as the culprit. Researchers at World Weather Attribution estimate that June temperatures were between 5C and 12C above seasonal averages across France, Germany, Italy, Spain and southern England, as Europe heats up faster than other continents. Insurers, bankers and financial analysts are now trying to calculate the short-to-medium-term costs of continual temperature rises. Carsten Brzeski, global head of macro at ING Group NV, said in a client note this week that heat waves represent a “new downside risk” to the region’s economic growth. Keep reading This week’s Zero listen Zero Solar, Batteries Are Thriving in Trump's America The common narrative is that the US renewables industry is struggling. But that’s not the case for the whole sector. This week on Zero, Akshat Rathi talks with Kevin Smith, chief executive officer of Cypress Creek Energy, which recently secured $3.5 billion in financing to build one of the biggest solar and battery projects in the US. Even as the current American administration dismantles clean-energy policies, Smith sees a bright future for solar and batteries. Listen now, and subscribe on Apple, Spotify or YouTube to get new episodes of Zero every Thursday. From Bloomberg Opinion The world has an anchovy problem One of the world’s current hottest commodities is in the midst of a huge disruption. It may sound like I’m talking about oil and the blockade of the Strait of Hormuz, but this is even more severe. The supply shock is far greater — and so is the price response: Global production has plunged as much as 40% from a year ago; prices are up 80% over the same period to an all-time high. The commodity in question? The humble anchovy. Read more More from Green Brookfield sees big opportunity in India data centers Brookfield Asset Management says data centers in India represent a big opportunity for its renewables business, even as some investors worry the country lacks clear artificial intelligence-focused investment options. Read more Spain saw record heat deaths for June Spain experienced its deadliest ever June for heat mortality after record-breaking temperatures scorched Europe. Chinese inverter maker Sungrow plunges 20% The inverter manufacturer tumbled earlier today following a report that the US regulator is drafting a ban on imports due to national security concerns. Australia hydrogen plant gets Orica green light It’s Australia’s largest renewable-powered hydrogen project to reach the milestone. Photo finish World Cup attendees outside Penn Station in New York Photographer: Victor J. Blue/Bloomberg A dangerous heat wave is expected to engulf the eastern US in the coming days, threatening power grids just as a critical slate of World Cup football matches is scheduled heading into the Fourth of July weekend. Hundreds of daily temperature records are set to be tied or broken in the coming days, according to the National Weather Service. More from Bloomberg Business of Food for a weekly look at how the world feeds itself in a changing economy and climate, from farming to supply chains to consumer trends Energy Daily for a daily guide to the energy and commodities markets that power the global economy Tech In Depth for analysis and scoops about the business of technology Explore all Bloomberg newsletters. We’re improving your newsletter experience and we’d love your feedback. If something looks off, help us fine-tune your experience by reporting it here. Follow Us You received this message because you are subscribed to Bloomberg’s Green Daily newsletter. 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