Energy Research Consultants, WoodMac, warns that the UK could miss out in-home battery boom.
Wood Mackenzie’s latest report, Europe residential energy storage outlook 2019-2024, compiled by a team of analysts, came to the conclusion that the European residential storage market will, if trends continue, increase five-fold in capacity over the next 5 years.
Rising electricity prices, due to infrastructure updates and increasing electrification, and a reduction in prices for energy storage are the major factors influencing the upward trend in investing in home energy storage.
However, the proposed VAT increase from 5-20% later this year will have a significant effect on the UK uptake in solar-plus-storage and will likely “lag behind” other European countries.
On the upside, lead analyst Rob McCarthy suggests, “Electricity price increases, along with consumers’ desire to live in a more environmentally sustainable household, may be enough to drive the residential business case across the line.”