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Why The European Household Savings Market Is So Hot

Why The European Household Savings Market Is So Hot

Why The European Household Savings Market Is So Hot




Photovoltaic + energy storage, reducing household grid energy consumption


Energy storage can improve the self-consumption rate of household photovoltaic systems, smooth out fluctuations in electricity consumption during peak and trough periods, and reduce household electricity costs. Household energy storage systems are generally used in conjunction with household photovoltaic systems. By converting electricity peaks and troughs, users can effectively increase the self-consumption rate of photovoltaic power generation, significantly reduce electricity bills, and even achieve self-sufficiency in electricity during the day and night, avoiding the risk of rising electricity prices and losses caused by power shortages.




Rising electricity prices and policy subsidies are the most important reasons driving the development of household energy storage in Europe


At this stage, the installed capacity of household energy storage in Europe continues to grow at a high rate, and there is still room for improvement in penetration rate. Rising electricity prices and policy subsidies are the most important reasons driving the development of household energy storage in Europe.


The geopolitical conflict between Russia and Ukraine exacerbated the energy crisis in Europe, and high electricity prices for residents stimulated demand for household storage. Since the Russia-Ukraine conflict, the flow of natural gas from Russia to Europe has decreased significantly. Coupled with the superposition of multiple heat waves and severe droughts in summer, the price of natural gas and electricity in Europe will be pushed to record highs in 2022. Residential electricity prices in some parts of Germany will reach 40 Euros in 2022. points/kWh or more, three times higher than that at the beginning of 2021.


An increase of 20 cents per kWh means an extra payment of about 300 euros per year for a one-person household with an annual consumption of 1500kWh, and up to 1000 euros for a household with a consumption of 5000kWh.




Household energy storage subsidy policies in some European countries

Germany: In 2022, KfW launched the energy-saving building retrofit subsidy program (KfW270), providing 2.3% interest rate loans for the purchase cost of photovoltaic or energy storage systems.


In addition, the federal states and cities provide support for the purchase of photovoltaic storage equipment. Bavaria provides a subsidy of 500 euros for 3kWh energy storage, and an increase of 100 euros for each additional 1kWh capacity subsidy, with a maximum capacity of 30kWh; Berlin provides subsidies for every kW of energy storage that is matched with photovoltaic systems €300, up to €15,000; Lower Saxony subsidizes up to 40% of the cost of battery storage systems.


Italy: Ecobonus policy provides 50% tax relief for small-scale photovoltaics and household energy storage. The new plan Superbonus110% provides up to 110% tax relief for household/industrial and commercial photovoltaic and energy storage systems (five-year equal tax reduction).


ANIE (Italian Federation of Industries) announced that, stimulated by the new plan, the new installed capacity of distributed electrochemical energy storage in 2022Q1 will be 123MW/264MWh, reaching 60% of the full year of 2021.




The global household energy storage continues to grow rapidly, and the total installed capacity in Europe is huge


According to TrendForce data, the world will add 20.5GW/42.1GWh of newly installed energy storage capacity in 2022, a year-on-year increase of 86%/80%. The global energy storage market continues to develop steadily. It is estimated that the newly installed capacity of global energy storage is expected to reach 34.9GW/77.9GWh in 2023, and the overall demand for installed capacity is strong.


On the other hand, SPE predicts that by the end of 2026, the total installed capacity of household energy storage in Europe will increase by more than 300% to 32.2GWh, and the number of households with solar storage systems will reach 3.9 million; ideally, the total installed capacity will increase to 44GWh.


Foxtheon has been researching and developing the field of energy storage for many years, with the aim of providing users with stable and reliable power supply, and providing a complete package of power supply solutions according to users' actual power consumption needs, in order to meet users' differentiated power consumption needs. If you need any assistance, please feel free to email info@foxtheon.com. Our staff will contact you in time.


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