Global market for residential PV storage expected to boom

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With incentives and subsidies such as FITs being cut, it is increasingly attractive for end-consumers to self-consume. It has thus become less attractive to feed excess generated PV electricity into the grid and retail electricity prices have been increasing as well. This is boosting the incentive for on-site energy self-consumption as the new IHS report “The Role of Energy Storage in the PV Industry” highlights.

"Residential PV customers are striving to maximize 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 (FITs) are serving as a disincentive for consumers to export their power to the electricity grid."

The cumulative installations are expected to grow to 2.5 GW by 2017, a leap from 12 MW in 2012. The number of PV residential energy storage installations are expected to be greater than the total number of residential solar systems in Germany today.

"An energy storage solution enables a PV system owner to shift energy from when it is generated to a later time for consumption," Ward added. "As a result, demand for residential energy storage products will continue to accelerate as PV energy reaches grid-parity in a number of countries."

Kickstart in Germany

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