Industry

Applications: Battery Energy Storage Systems (BESS)

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Residential ESS - Markets And Motivations CURRENT STATE

Growth: All the leading markets have introduced incentives to promote the installation of storages Incentives: Subsidies, self-consumption incentives, and time-varying tariffs create economic benefits for battery storage 2024E

OUTLOOK

Estimate N/A

PV market: The mature residential PV market supported the storage growth - especially in Italy and Germany with an PV+storage rate of 77% and 75%, respectively. Contrary to the US and Australia with PV+storage rates of only 9% to 15%

KEY MOTIVATIONS FOR INSTALLING RESIDENTIAL STORAGES: 1.

Economic Benefits and Bill savings: The main reason is to reduce costs and save on electricity bills

Solar self-supply and Sustainability: Homeowners want to increase solar self-supply

Resilience and Back-up Power: In regions with unreliable grids or frequent power outages, batteries provide a valuable backup power source, ensuring continued energy supply during disruptions

2020 2022 2024 2026 Sources: BloombergNEF (Distinguished Partner), Estimate 2024, USA: WoodMac, WoodMac, ESS-News and assuming similar growth in WoodMac; Battery-Charts; GER; Review-energy; ITA

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