In the field of energy storage, regardless of the number of projects or the scale of installed capacity, the United States and Japan are still the most important demonstration application countries, accounting for about 40% of the global installed capacity.
Let’s take a look at the current status of home energy storage that is closest to life. Most home energy storage is based on solar photovoltaic systems, which are connected to the grid, and equipped with energy storage inverters, energy storage batteries and other components to form a complete home storage system. energy system.
The rapid development of household energy storage in developed countries, mainly in Europe and the United States, is largely due to the relatively expensive basic electricity prices in these countries, which has pushed related industries to the fast lane. Taking the residential electricity price in Germany as an example, the electricity price per kilowatt-hour (kWh) is as high as 0.395 US dollars, or about 2.6 yuan, which is about 0.58 yuan per kilowatt-hour (kWh) in China, which is about 4.4 times.
According to the latest research by research firm Wood Mackenzie, Europe has now become the world’s largest home energy storage market. Over the next five years, the European residential energy storage market will grow faster than Germany, which is by far the European market leader in residential energy storage.
The cumulative deployed residential energy storage capacity in Europe is expected to grow fivefold, reaching 6.6GWh by 2024. Annual deployments in the region will more than double to 500MW/1.2GWh annually by 2024.
Other European countries other than Germany are starting to deploy residential energy storage systems widely, especially given the falling market structure, prevailing electricity prices and feed-in tariffs, which creates good deployment prospects.
While the economics of energy storage systems have been challenging in the past, the market has reached an inflection point. Major markets in Germany, Italy, and Spain are moving towards grid parity for residential solar + storage, where the cost of electricity to the grid is comparable to that of a solar + storage system.
Spain is a European residential energy storage market to watch. But Spain has yet to enact a specific residential energy storage policy, and the country has had a disruptive solar power policy in the past (retrospective feed-in tariffs and a controversial “sun tax”). However, a shift in Spanish government thinking, driven by the European Commission, means that the country will soon see a development in the residential solar market, paving the way for the development of solar-plus-storage projects in Spain, the sunniest region of Europe. . The report shows that there is still a lot of upside for the deployment of energy storage systems to complement residential solar power installations, which was 93% in WoodMac’s 2019 case study of solar-plus-storage projects in Germany. This makes the client’s proposal more challenging. The report points out that Europe needs more innovative business models to absorb up-front costs and enable residential energy storage to help European consumers make the energy transition. Rising electricity prices and consumers’ desire to live in a greener, more sustainable environment are more than enough to drive growth in residential energy storage deployments.
Post time: Sep-30-2022
