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Associated Press
published: Tue, January 15, 2019 5:05 AM
updated: Tue, January 15, 2019 5:05 AM
DUBLIN – (BUSINESS WIRE) – January 15, 2019 – The report "Residential energy storage systems, Blockchain and Energy Sharing: technology and global market" has been added to the ResearchAndMarkets.com offer.
The combination of rising cost of energy and cheaper renewable energy technologies has made the generation and storage of their electricity more convincing for homes.
Residential energy storage systems (RESS) have led to the adoption of energy saving measures to control and manage the increase in energy expenditure. Homeowners with storage of solar energy and energy can protect themselves from power outages on the grid and achieve energy independence. The addition of energy storage is leading to a proliferation of photovoltaic (PV) systems as they increase self-consumption and also help consumers keep their energy bills under control.
Energy storage technology has great potential to improve electricity networks and allow greater self-consumption of renewable electricity by providing alternatives to fossil fuels. The value proposition for residential energy storage today is where solar photovoltaics was seven years ago, and the factors that brought photovoltaics to affordable mass prices will probably have a similar effect on battery storage systems. Battery costs have declined over the last decade and dozens of startups and large manufacturers are now competing to develop a safer, more efficient, low-cost and long-lasting battery.
The promise of RESS technology lies in its potential to:
Increase network efficiency and reliability by optimizing energy flows and supporting variable power supplies from wind and solar
Enabling vehicles powered by batteries or other electrical technologies to move vehicles that burn gasoline and diesel fuel, reducing associated emissions and oil demand
Technological advances and the rapid fall in costs are leading to record increases in capacity and growth in investments in clean energy and global jobs. As battery costs continue to decline, battery storage will become an increasingly attractive option for storing renewable electricity at the level of homes, businesses and communities.
The market has been stimulated by a number of factors, including feed-in tariff (FIT) and revisions of net meters in historic residential hot spots, subsidies and tax incentives, rapid reductions in prices of lithium-ion battery prices and increase in electricity tariffs.
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