Household energy storage systems include solar panels, controllers, battery packs, inverters and other components. With the upgrading of LiFePO4 battery technology and the continuous reduction of costs under large-scale commercial application, these have provided conditions for the explosion of portable energy storage products. The household energy storage market is showing an explosive trend in Europe and the United States, especially the European household energy storage thriving and leading the world.
Economic benefits, saving electricity bills
On the one hand, electricity prices in Europe have risen significantly, and the conflict between Russia and Ukraine has exacerbated the European energy crisis. European energy prices have exceeded 200 euros/MWh, and European natural gas prices have risen by more than 8 times since 2020.
The low cost of solar energy storage enables European and American consumers to recover their investment costs in almost 3-5 years. Since 2021, household energy storage has shown an explosive growth trend in the European and American markets with an annual growth rate of doubling. the 27 EU countries will add 25.9GW of photovoltaics to the grid, providing good conditions for household energy storage.
The typical usage scenario of current household energy storage is to form a household solar energy storage system in combination with household photovoltaics. According to estimates, compared with not equipped with photovoltaic and energy storage systems, the ten-year electricity cost savings of photovoltaic and energy storage equipment is 12,673.64 euros, and the investment payback period is 5 years; while only installing photovoltaic systems saves electricity costs of only 4,816.87 euros, photovoltaic + storage The energy solution is highly economical.
Efficient energy storage reduces emissions
On a global level, energy storage can help curb climate change by reducing emissions from electricity, heating and cooling needs. One reason is that energy storage can balance the supply and demand of renewable energy. Both wind and solar are variable sources of energy; in short, energy storage can save the day by delivering stored energy on sunny or windy days to the grid when there is no sun or wind. Through energy storage, we can use energy more efficiently and minimize carbon emissions. Energy storage has been identified as key to mitigating climate change.
Residential energy storage has grown rapidly in Europe in recent years. According to statistics, more than 90% of the European household energy storage share is concentrated in the top five countries - Germany, Italy, the United Kingdom, Austria, and Switzerland. Among them, Germany is the largest domestic energy storage market in Europe. In general, the outbreak of the European home energy storage market mainly relies on its excellent economy.
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