Annual installations of behind-the-meter (BTM) electric storage capacity are forecast to eclipse grid-side electrochemical storage by the end of the decade. Here, we characterize the economic payoff and regional emission consequences of BTM storage without colocated generation under different tariff conditions, battery characteristics, and ownership scenarios using metered loads for several hundred commercial and industrial customers. Net emissions are calculated as increased system emissions from charging minus avoided emissions from discharging. Net CO2 emissions range from 75 to 270 kg/MWh of delivered energy depending on location and ownership perspective, though in New York, these emissions can be reduced with careful tariff design. Net NOx emissions range from -0.13 to 0.24 kg/MWh, and net SO2 emissions range from -0.01 to 0.58 kg/MWh. Emission rates are driven primarily by energy losses, not by the difference between marginal emission rates during battery charging and discharging. Economics are favorable for many buildings in regions with high demand charges like California and New York, even without subsidies. Future penetration into regions with average charges like Pennsylvania will depend greatly on installation cost reductions and wholesale prices for ancillary services.