What is Residential Energy Storage?
The term Residential Energy Storage refers to efficient and rechargeable batteries that are used as part of an overall home power solution. It is also the fastest growing energy storage market.
In Q2 2018 the residential energy storage market grew 1000% year over year and surpassed non-residential energy storage for the first time.
Residential energy storage is key to enabling renewable energy solutions such as solar and wind, especially in off-the-grid and distributed power scenarios.
In Q4 2018 it was announced that the UK had removed a key barrier to installation of residential energy storage for those households that were exporting solar power back to the grid. We expect such barriers to continue to fall across global jurisdictions throughout 2019, further accelerating adoption. In the USA, 24 states and DC took some form of regulatory or legislative policy action with respect to energy storage, with even more states poised to do so in 2019. Another trend driving adoption is the decline in cost of such solutions.