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The reason for the sudden explosion of "home energy storage"

Views: 202     Author: Ubest     Publish Time: 2023-04-25      Origin: Site

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The reason for the sudden explosion of "home energy storage"

Recently, a branch of new energy storage — home user energy storage, has suddenly exploded in the global market.



"Just like the air conditioning in the'90s," some market veterans gave the metaphor for home energy storage.



There are two meanings behind this: one meaning, which is like the air conditioning in the 1990s; the other meaning means that the appearance of household energy storage is gradually matching the volume of a cabinet air conditioner, and the household all-in-one machine has gradually become a trend.



We can see that the current household energy storage has the opportunities of low penetration, strong overseas policy support and high customer demand. In developed countries with high electricity prices in Europe, the United States, Japan and Australia, it have good economy, rigid demand, strong willingness to pay and price acceptance.



At the same time, with the impact of the global energy price surge, the home energy storage market has exploded in Europe and the United States, especially the European home energy storage is leading the world.



With the upgrading of lithium battery technology and the continuous reduction of large-scale commercial cost, these provide the conditions for the explosion of portable energy storage products. It is understood that the mass production of energy storage batteries can not be separated from the energy density brought about by the breakthrough of lithium battery technology. Take Tesla as an example, in 2008, the first electric car Roadster was launched in 2008, using the cell energy density of about 55Wh / kg, but by 2020, the 2021 Model 3, the cell energy density has exceeded 300Wh / kg.



At the same time, with the large-scale commercial application of lithium battery and the increase of research and development investment, although the price of lithium ore is high, the average unit cost of lithium battery pack still shows a continuous downward trend. According to Bloomberg New Energy Finance (BNEF), the average unit cost of lithium-ion battery packs has dropped from $684 / kWh in 2013 to $132 / kWh in 2021. Cost costs are also further driving the spread of home energy storage products.



The deep reason for the popularity of home energy storage is more mainly from the demand side.



On the one hand, electricity prices in Europe have risen significantly, and the conflict between Russia and Ukraine has exacerbated the energy crisis in Europe. Energy prices in Europe have exceeded 200 euros per MWh, and European natural gas prices have risen more than eightfold since 2020.



The low light storage cost enables European and American consumers to recover their investment cost in almost 3-5 years. Since 2021, household energy storage has shown an explosive growth rate in the European and American markets.



In 2021, the 27 EU countries will add 25.9GW of photovoltaic grid connection, providing good conditions for household energy storage.



At present, the typical use scenario of home energy storage is to form a home light storage system combined with household photovoltaic. It is estimated that compared with no photovoltaic and energy storage system, the electricity cost is 12673.64 euros, and the investment payback period is 5 years, while the installation of photovoltaic system is only 4816.87 euros, and the photovoltaic + energy storage scheme has high economy.



Home energy storage in Europe has grown rapidly in recent years. According to statistics, more than 90% of household energy storage in Europe is concentrated in the top five countries —— Germany, Italy, the United Kingdom, Austria and Switzerland. Germany is the largest market for home energy storage in Europe.



Overall, the explosion of the European home energy storage market is largely based on its excellent economics.


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