Prices for solar power storage systems have fallen by about a quarter in recent months, according to the German Solar Industry Association (BSW-Solar). At the same time, the organization notes, demand for solar batteries has increased significantly.
As a result of the sharp decline in prices, BSW-Solar expects interest in battery systems to continue to grow. According to Association estimates, more than 15,000 households in Germany already cover significant amounts of their electricity consumption from their own solar power systems, even during evening hours.
The Association says technological advances and growing demand led to the drop in average prices for battery storage systems by around 25% between the first and the second half of 2014. This development is detailed in the Solar Power Storage Price Monitor, which was published on Thursday by BSW-Solar and Intersolar Europe.
"This is a nice Christmas present for the Energiewende, Germany's energy transition, and for all operators of solar power systems," said BSW-Solar Managing Director Carsten Körnig. "Affordable solar storage systems mean that operators can now fulfill their wish for more energy independence and can count on stable electricity prices in the long term."
Another indication of the already significantly increased interest in solar power storage systems is the number of funding commitments registered with Germany's government-owned KfW development bank. In the third quarter of the year, the bank approved 32% more more applications for storage funding than in the second quarter.
KfW provides low interest rate loans to finance the installation of photovoltaic and battery storage systems. In addition, up to 30 percent of acquisition costs are covered as a repayment bonus.
Market experts are forecasting a bright future for solar storage technologies. According to market research group IHS, the global market for solar batteries will grow by a factor of 10 by 2018.