Electricity customers are increasingly adopting and deploying behind-the-meter distributed energy resources (DERs) to reduce energy costs and increase reliability. Both electric utilities and their customers are discovering new value streams with behind-the-meter energy storage and it is rapidly changing electricity markets. While solar has historically dominated the behind-the-meter DER landscape, battery energy storage demand is growing rapidly due to evolving policy and rate design and new, innovative products and applications developed for electricity markets. What will be the key business models enabling behind-the-meter storage? Who is best positioned to capture the value?