Residential storage in Europe to grow 500% by 2024
A new report from analysts at Wood Mackenzie forecasts 6.6 GWh of residential energy storage to be installed across Europe 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.
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