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The economics are increasingly favoring renewable energy. Across much of the United States, large-scale solar and onshore wind have become the lowest-cost sources of new electricity. Utilities are not choosing green energy projects because they have become environmental organizations. They are choosing them because the numbers increasingly leave little alternative. The same dynamic is playing out in battery technology. Policy changes have slowed investment in electric vehicle manufacturing, but they have not halted the rapid decline in battery costs.

Instead, much of that battery manufacturing capacity intended for E.V.s is finding new demand in large-scale energy storage. That's where increasingly inexpensive batteries are making renewable electricity more reliable and economically attractive. That's why Jupiter Power was able to raise $1.4 billion in September for 10 battery storage projects in Texas and Michigan.