- 221 MW of energy storage was deployed in the US in 2015, a 243% increase from 2014, making it the largest year on record. - Lithium-ion technologies accounted for 96% of deployments. - The energy storage market is expected to grow significantly in coming years, reaching 1,662 MW annually by 2020 and $2.5 billion in total market size. - Policy developments in over 20 states and regions helped drive market growth, while the extension of federal tax credits for solar and wind will further support energy storage deployments.

1. March 2016
U.S. Energy Storage Monitor:
2015 Year in Review Executive Summary

2. 1GTM Research/ESA U.S. Energy Storage Monitor: 2015 Year in Review
U.S. Energy Storage Monitor is a quarterly publication of GTM Research and the Energy Storage
Association (ESA). Each quarter, we gather data on U.S. energy storage deployments, prices, policies,
regulations and business models. We compile this information into this report, which is intended to
provide the most comprehensive, timely analysis of energy storage in the U.S.
Notes:
• All forecasts are from GTM Research; ESA does not predict future pricing, costs, or deployments
• References, data, charts and analysis from this report should be attributed to “GTM Research/ESA U.S. Energy Storage Monitor”
• Media inquiries should be directed to Mike Munsell from GTM Research (munsell@gtmresearch.com) or Matt Roberts
with the Energy Storage Association (m.roberts@energystorage.org)
For more information or to purchase the full report, visit www.energystoragemonitor.com.
About This Report

3. 2GTM Research/ESA U.S. Energy Storage Monitor: 2015 Year in Review
2015 2014 Change
Total Deployments (MW) 221 65 Up 243%
Total Deployments (MWh) 161 86 Up 88%
Front-of-Meter Deployments (MW) 187 58 Up 223%
Behind-the-Meter Deployments (MW) 35 6.9 Up 405%
Utility-Scale System Price ($/kWh) $700-$1,200 $800-$1,300 Down 8% to 13%
Utility-Scale Pipeline (MW) 6,638 3,630 Up 83%
Number of Markets With Policy
Developments
20 State Markets, 4 Regional
Markets, and Federal
10 State Markets, 1 Regional
Market, and Federal
13 Additional Markets
Cumulative Five-Year Forecast (MW) 4,030 (2016-2020) 2,294 (2015-2019) Up 76%
2015 Energy Storage Scorecard

4. 3GTM Research/ESA U.S. Energy Storage Monitor: 2015 Year in Review
• 221.4 MW of energy storage was deployed in 2015, making it the largest year for reported deployments, with a 243% increase from total MW deployed in 2014
• The front-of-the-meter segment grew more than twofold from the previous record and tripled in deployments from last year
• The behind-the-meter sector grew fivefold compared to 2014
A Record Year for U.S. Energy Storage Market With 221 MW of Deployments
Front of the Meter Behind the Meter Total
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U.S.EnergyStorageDeployments(MW)
2012 2013 2014 2015
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U.S.EnergyStorageDeployments(MW)
2012 2013 2014 2015
221
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U.S.EnergyStorageDeployments(MW)
2012 2013 2014 2015

5. 4GTM Research/ESA U.S. Energy Storage Monitor: 2015 Year in Review
• PJM (excl. NJ) was the largest utility-scale market in 2015, followed by All Others. California’s AB 2514 mandate procurement has not
resulted in any front-of-meter deployments to date, keeping it out of a top-three spot in 2015.
• California was the largest non-residential market in 2015, 24 times bigger than the second-largest market, All Others.
• The residential segment continues to be diverse, with a significant number of projects deployed in emerging markets in 2015.
Hawaii made changes to its net energy metering policy and showed promise in the second half of 2015, taking the top spot for
residential segment deployments.
PJM (Excl. NJ), California and Hawaii Led Utility, Non-Residential, and Residential Segments in 2015
Rank Residential Non-Residential Utility
1 Hawaii California PJM (excl. NJ)
2 All Others* All Others* All Others*
3 California New York Hawaii
*GTM Research is currently monitoring seven individual markets. Complete coverage of all markets is available in the full report.

6. 5GTM Research/ESA U.S. Energy Storage Monitor: 2015 Year in Review
• In 2015, lithium-ion systems made up 96% of the total MW deployed, compared to 72% in 2014. Some of this difference can be
attributed to a few large demonstration projects in 2014.
Lithium-Ion Technologies Made Up 96% of 2015 Deployments (MW)
Other includes flywheel and unreported energy storage technologies
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
EnergyStorageDeploymentsbyTechnology
(MW)
Lithium Ion Lead Acid Sodium Chemistries Flow - Vanadium Flow - Zinc Other

7. 6GTM Research/ESA U.S. Energy Storage Monitor: 2015 Year in Review
MISO
MISO created a platform to address storage-related
market rules and questions, ranging from development
of a fast AGC signal to tariffs and storage classification.
Front-of-the-Meter Policy and Market Developments, Q4 2015
Washington
HB 1897, a bill pertaining to rare earth element
research, went into effect. FERC denied a
proposal for the Klickitat Pumped Storage Project.
WA Department of Commerce opened two grant
solicitations under Clean Energy Fund 2.
New York
PSEG Long Island amended its South Fork
Resources RFP and issued a new renewable
capacity and energy RFP. NY PSC and NYSERDA
authorized the Clean Energy Fund. Con Edison
and Orange and Rockland issued a grid-scale
energy storage RFI.
California
SCE and UCSD joined CalCharge. PG&E awarded
energy storage contracts under its 2014 RFO.
California Energy Commission held a workshop to
discuss the role of bulk storage. PG&E, SCE and
SDG&E announced energy storage procurement
progress under AB 2514. CPUC issued a decision
on Track 1 issues under the Energy Storage
Procurement Framework and Design Program.
CAISO Board of Governors approved changes to
the NGR model under ESDER.
Federal
The Energy Policy Modernization Act was
brought to the Senate floor. A Battery Energy
Storage Caucus was formed by members of the
U.S. House of Representatives. FERC held a
hearing in November to discuss energy storage;
also issued an order relating to 3rd-party
provision of primary frequency response. U.S.
DOE announced funding under the Grid
Modernization Initiative. National Fire
Protection Association sought comments in
order to synthesize energy storage safety
standards. U.S. Supreme Court upheld FERC
Order 745. Congress extended the tax credits
for renewable energy.
AGC – Automatic generation control; ESDER – Energy Storage and Distributed Energy Resources; MISO – Midcontinent Independent System Operator

8. 7GTM Research/ESA U.S. Energy Storage Monitor: 2015 Year in Review
Front-of-the-Meter Policy and Market Developments, Q4 2015 (Cont.)
Texas
Austin Energy issued an RFI to solicit
information on energy storage
technology. TCEQ made funds available
under the Texas Emissions Reduction
Plan New Technologies Implementation
Grant program.
Oregon
Oregon DOE and U.S. DOE awarded
$295,000 under the Electrical Energy
Storage Demonstration Project RFP. Oregon
PUC held a workshop for stakeholder input
on Docket UM 1751.
Vermont
Vermont Department of Public Service
issued a Comprehensive Energy Plan.
Arizona
APS issued an All-Source RFP to procure
between 400 MW and 600 MW of capacity
resources by 2020.
Colorado
PSC Colorado/Xcel Energy submitted two
project proposals under the Innovative
Clean Technologies program.
Kentucky
FERC denied a proposal for a pumped
storage project in Mason County.
Guam
Guam Power Authority is soliciting bids for
up to 40 MW of energy storage.
APS – Arizona Public Service; PSC Colorado – Public Service Company of Colorado, a subsidiary of Xcel Energy; TCEQ – Texas Commission on Environmental Quality

9. 8GTM Research/ESA U.S. Energy Storage Monitor: 2015 Year in Review
Behind-the-Meter Policy and Market Developments, Q4 2015
California
CPUC passed net-metering successor tariff (NEM
2.0); also proposed revisions to SGIP program and
mandated the disbursement of 50% of 2016
program funds before new rules approved. CAISO
announced winners under 2015 DRAM. California
Energy Commission approved EPIC funding grants
for four energy storage companies; also issued a
scoping memo to revise DRP.
Hawaii
Distributed Energy Resource Council of Hawaii was
formed. HECO filed an Interim Demand Response
Portfolio Program Application; also solicited
comments on Integrated Demand Response Portfolio
Plan and initiated a Commercial Storage Program
with Stem and Energy Excelerator. Hawaii PUC
mandated that HECOrefile its TOU proposal.
New York
NY PSC and NYSERDA authorized the Clean
Energy Fund. NYSERDA and Eos Energy Storage
announced collaboration on Wappingers Falls
Resiliency Project. NY PSC approved Con
Edison‘s amendments on its Commercial
Demand Response Tariff. Con Edison issued a
project implementation plan for its Clean
Virtual Power Plant project under NY REV.
New Jersey
NJ BPU approved revisions for the Fiscal Year 2016
RenewableElectric Storage Incentive Program.
Colorado
PSC Colorado/Xcel Energy submitted two
project proposals under the Innovative Clean
Technologies program.
DRAM – Demand Response Auction Mechanism; DRP – Distribution Resource Plan; NJ BPU – New Jersey Board of Public Utilities; PSC Colorado - Public Service Company of Colorado, a subsidiary of Xcel Energy

10. 9GTM Research/ESA U.S. Energy Storage Monitor: 2015 Year in Review
Behind-the-Meter Policy and Market Developments, Q4 2015 (Cont.)
Arizona
TEP filed a rate case with ACC that
would change net-metering rules if
approved. ACC approved APS’ REST
Implementation Plan.
Nevada
PUCN established new net energy
metering (NEM) rules and introduced
time-of-use rate option under new
NEM structure.
Vermont
Vermont Department of Public Service
issued a Comprehensive Energy Plan.
Green Mountain Power began offering
Tesla Powerwalls for retail customers.
Massachusetts
MassCEC issued an RFI under its Microgrid
Grant Program to be followed by an RFP in
the future.
Montana
MDU withdrew its residential demand
charge proposal.
Federal
U.S. DOE announced funding under the
NODES program; also announced funding
under Grid Modernization Initiative and
announced project awards under the
SHINES program. National Fire Protection
Association sought comments in order to
synthesize energy storage safety standards.
U.S. Supreme Court upheld FERC Order 745.
Congress extended the tax credits for
renewableenergy.
ACC – Arizona Corporation Commission; APS – Arizona Public Service; PUCN – Public Utilities Commission of Nevada; NODES - Network Optimized Distributed Energy Systems; SHINES – Sustainable and Holistic Integration of Energy Storage and Solar PV; TEP – Tucson Electric Power

11. 10GTM Research/ESA U.S. Energy Storage Monitor: 2015 Year in Review
• We expect significant growth in the U.S. market over the next five years across all segments, resulting in a 1,662 MW annual market by
2020 – 26 times the size of the 2014 market and 8 times the size of the 2015 market.
• The behind-the-meter segment is expected to account for an ever-larger share of total MW deployed each year through 2020.
U.S. Annual Energy Storage Deployments Will Cross 1 GW in 2019, Reach 1.7 GW by 2020
Source: GTM Research
221
1,662
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E
EnergyStorageDeploymentsby
Segment(MW)
Utility Non-Residential Residential

12. 11GTM Research/ESA U.S. Energy Storage Monitor: 2015 Year in Review
$432
$2,456
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E
AnnualEnergyStorageMarketSize
(Million$)
Utility Non-Residential Residential
U.S. Energy Storage Market to Reach $2.5 Billion by 2020, Sixfold Growth From 2015
• The U.S. energy storage market grew from $134 million in 2014 to $432 million in 2015 (up 222%).
• By 2020, the U.S. energy storage market will be worth $2.5 billion, an 18-fold increase from 2014 and a sixfold increase from 2015.
• The utility-scale segment will continue to be the largest segment through 2020, growing from $347 million in 2015 to over $1 billion by
2020. By 2019, the two behind-the-meter segments combined will be large than the utility segment.
Source: GTM Research

13. 12GTM Research/ESA U.S. Energy Storage Monitor: 2015 Year in Review
$365
32
0
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40
$0
$200
$400
$600
$800
2010 2011 2012 2013 2014 2015
DealCount
DisclosedValue(Million$)
VC Project Financing Deal Count
• The total disclosed investment in 2014 was boosted by a rumored $250 million investment in Boston-Power (shaded in the figure above).
• In 2015, battery technologies accounted for over 50% of total investment, while software technologies accounted for over 40%.
Corporate Investments in Energy Storage Totaled $365 Million in 2015
Note: Data excludes battery materials and upstream companies. 2014 data differs from U.S. Energy Storage Monitor 2014 Year in Review due to exclusion of EV startup Atieva and inclusion of stealth startup Fluidic Energy.

14. GTM Research/ESA U.S. Energy Storage Monitor: 2015 Year in Review
Renewable Tax Credits Extension

15. 14GTM Research/ESA U.S. Energy Storage Monitor: 2015 Year in Review
In December 2015, Congress passed an Omnibus Spending Bill which included a provision for the extension of the Investment Tax Credit
(ITC) for solar and Production Tax Credit (PTC) for wind. Previously the ITC was set to step down at the end of 2016, resulting in a 10% tax
credit for non-residential and third-party owned (TPO) residential systems, and 0% for customer-owned residential systems. Similarly, the
PTC had already expired on January 1, 2015.
With the renewal, the 30% solar ITC will remain active through 2019, stepping down to 26% in 2020 and 22% in 2021; in 2022 the ITC will
step down to the original levels proposed for 2017. A commence-construction clause is included as well, meaning that systems which are
in the process of installation and interconnected by 2023 can still claim the larger tax credits. The 2.3-cent per kWh wind PTC was
retroactively extended for 2015 and also extended by one year. Starting in 2017, the PTC will reduce by 20% (of 2016 value) each year
through 2020. The ITC and PTC extensions will result in greater numbers of solar and wind installations.
If installed alongside solar PV or wind, energy storage systems have historically been able to claim the tax credits. Thus, the tax credit extension
has implications for the energy storage industry as well as the renewables industry, and will affect deployment rates over the coming years.
The full report includes a discussion of the implications of the tax credit extensions on solar-plus-storage economics, as well as the
implications of recent net energy metering reform decisions.
Tax Credit Extension Will Spur Further Growth in Renewables and Paired Energy Storage

16. 15GTM Research/ESA U.S. Energy Storage Monitor: 2015 Year in Review
ITC Extension Has Major Implications for U.S. Solar
U.S. National PV Installed Capacity by Market Segment, Post-ITC Extension
Source: GTM Research Q4 2015 Solar Executive Briefing
0
5,000
10,000
15,000
20,000
25,000
2010 2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019E 2020E
AnnualInstallations(MWdc)
Residential Non-Residential Utility
Compared to the non-ITC scenario, GTM Research expects a 54% net increase in solar PV installations from 2016-2020, amounting to
an additional 25 GW.

17. 16GTM Research/ESA U.S. Energy Storage Monitor: 2015 Year in Review
Tax Credit Extension Expected to Spur Further Growth in Storage Paired With Renewables
U.S. Storage Deployment Paired With Renewables Differential Vs. No Extension
-50
0
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100
150
200
2016E 2017E 2018E 2019E 2020E
AnnualStorageDeploymentsPairedWith
RenewablesDifferential(MW)
Residential Non-Residential Utility-Scale
Compared to the non-ITC scenario, GTM Research expects an additional 0.5 GW of storage paired with renewables from 2016-2020, a 33%
increase compared to a scenario with no tax credit extension.
Source: GTM Research

18. 17GTM Research/ESA U.S. Energy Storage Monitor: 2015 Year in Review
Produced in a collaboration between GTM Research and the Energy Storage Association (ESA), the U.S. Energy Storage Monitor is the industry’s only
comprehensive, quarterly research report on energy storage markets, deployments, policies, financing and regulations in the U.S. The report is available
for purchase quarterly or as an annual subscription.
U.S. Energy Storage Monitor
Content Executive Summary Full Report
Energy Storage Deployments National Aggregate By State and Market Segment
Deployments by Technology Not Available Available
Market Trends National Highlights Detailed Analysis
Pricing Data Not Available Quarterly Index
Deployment Forecast National Aggregate By State and Segment
Member Status Executive Summary
Full Report (PDF Enterprise License)
Individual Quarterly Report Annual Subscription-4 reports
ESA Members
Free
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Non-ESA Members $2,500 $8,000
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Executive Summary vs. Full Report Content
Report Pricing
This report is relevant to:
For more information, contact Tate Ishimuro at ishimuro@gtmresearch.com or visit www.energystoragemonitor.com

19. For more information on GTM Research resources, including
additional coverage of the U.S. energy storage market,
please contact sales@gtmresearch.com.
March 2016