BNEF: Australia ties with Germany as fastest growing residential storage market

As stated in a recent report by the Climate Council, the Australian residential storage market is about to take off. Behind the increasing adoption of residential storage is a range of factors, including price declines of lithium-ion (Li-ion) batteries.

The Climate Council found that Li-ion is tracking the declines achieved by solar PV, with prices dropping by 80% since 2010, and are tipped to halve again by 2025.

Logan Goldie-Scot, who leads Bloomberg New Energy Finance’s (BNEF) battery storage analysis, meanwhile, reports that Australia and Germany are neck-and-neck in terms of being the fastest growing residential storage markets. 

“We estimate between 1 GW – 1.4 GW [of residential storage will be installed] in 2018 globally,” he says . “Leading markets are similar to those in 2017, although the U.S. emerges in 2018.”

Read the full article on pv magazine Australia.