At any moment in time, the consumption of electricity has to be perfectly matched with the generation of electricity. This balance is necessary in all electricity grids to maintain a stable and safe supply. Energy storage can stabilize fluctuations in demand and supply by allowing excess electricity to be saved in large quantities over different time periods, from fast storage in seconds to longer storage over days.

Since 2020, the European Commission has published yearly progress reports on Competitiveness of Clean Energy Technologies that present the current and projected state of play for different clean and low-carbon energy technologies and solutions.

The report forecasts, 6.6 GWh of residential energy storage will be installed across Europe and it will grow 500% by 2024. The economics of the technology are at a tipping point, increasingly reaching grid parity in European markets. With rising electricity demand and falling battery system costs, the trend will further spread across the continent and fuel an uptick in demand.

The European residential storage market is on track for a five-fold increase in capacity over the next five years. A confluence of rising electricity prices due to pending infrastructure updates and increasing electrification of various sectors, as well as a continued reduction in system prices for energy storage, are likely to enable 6.6 GWh of residential storage to be added by 2024.

Electricity prices are likely to surge. This is accompanied by the need for infrastructure updates, which would further drive prices upward. These developments will continue to play out in favor of residential storage.

In Germany, Italy and Spain, the market is moving towards grid parity for solar-plus-storage in the residential segment. That is achieved when the costs per kilowatt-hour of power from the grid are the same as for the solar-plus-storage system.

The Spanish market could likely recover from its infamous solar tax. Spain’s government had introduced a tax on self-consumption, alongside other measures that have hit the otherwise sunny region's solar market hard. Equipped with a new government and nudging safeguards from the European Commission, the Spanish market has returned to former glory over the past year. While the effects of the policy shift are already visible in the utility-scale segment – Spain will likely become Europe’s largest market in 2019 – and this trajectory will be by the residential market, the analysts believe.

On a more sobering note, the team points out that grid parity for such systems often hinges on supportive policy frameworks. In the U.K. and France, the analysts do not expect grid parity to set in during the reporting period until 2024. 

The popularity of batteries in supporting residential solar is most striking in Germany, which was responsible for 70% of the newly installed storage capacity. The Top 5 markets together, Germany, Italy, UK, Austria, and Switzerland, installed 93% of new European solar & storage.

Considering the technical features of market leading energy density, easier installation &  all-in-one design, EverExceed’s on-grid, off-grid residential & commercial Energy Storage Systems are widely popular by global users with a rapid development stance. It can be deployed straight to customer’s site, leading to faster installation, shorter project execution time and higher savings for customers. It becomes the first choice for the high requirement energy storage solution for residential & commercial use in today’s world.

EverExceed is a global leading provider of energy storage system with 20+ years battery manufacturing experience.If you have any requirements or any kind of query regarding the Energy Storage System for your desired applications, feel free to communicate with our dedicated team at any time at marketing@everexceed.com