Residential PV Storage To Hit 2.5 GW By 2017
Market research firm IHS has projected in a new report that installed residential PV storage system capacity could likely hit 2.5 GW by 2017.
Naturally, Germany is leading the way in this arena, where a home energy storage subsidy went into place on May 1. In the leading solar PV country, it is increasingly competitive to store power collected via home solar panels and use it when the sun is down (especially in the early evening hours of peak demand and higher electricity prices). While this is still a very nascent market, it is increasingly attractive for consumers to generate and store electricity than to buy electricity from the grid.
“Residential PV customers are striving to maximise their own consumption of the energy they are generating,” said Abigail Ward, PV analyst at IHS.
This is because rising electricity prices and decreasing feed-in-tariffs are serving as a disincentive for consumers to export their power to the electricity grid.
Such developments, combined with the introduction of the German Energy Storage Subsidy, are forecast to accelerate the overall growth of the residential solar storage market.
“Not only will the incentive reduce the upfront cost of residential storage solutions deployed in Germany by up to 30%, it will also generate volume in this immature market—and price reductions achieved by mass production will also benefit installations in other countries,” said Sam Wilkinson, PV research manager and co-author of the report.
“For battery-based residential PV energy storage systems, IHS predicts an average cost reduction of around 45% during the next five years, largely due to decreases in battery prices.”
Previously, an IHS report projected that the PV storage would hit $19 billion by 2017.
Don't forget to follow Solar Love on Facebook, Twitter, Google+, and/or RSS!! Do it for the sun.
About the Author
Zach is the director of CleanTechnica, the most popular cleantech-focused website in the world, and Planetsave, a world-leading green and science news site. He has been covering green news of various sorts since 2008, and he has been especially focused on solar energy, electric vehicles, and wind energy since 2009. Aside from his work on CleanTechnica and Planetsave, he's the founder and director of Solar Love, EV Obsession, and Bikocity. To connect with Zach on some of your favorite social networks, go to ZacharyShahan.com and click on the relevant buttons.
Related Posts
5 GW Of Distributed PV Solar Expected For China This Year →
Top Solar Module Manufacturers of 2013 →
Solar Power Breaks World Record In Q1, IHS Raises 2014 Forecast To 46,000 MW →
