The Future of Home Energy Storage

July 17, 2022

In 2022, with the Russian-Ukrainian war and large-scale power outages overseas, the cost of residential electricity consumption will become higher. Coupled with the instability of traditional grid power supply, people' s demand for energy storage will also increase. So people are eager to find an alternative to the traditional grid. And this brings the popularity of home energy storage system, because there not only provides stable power supply, but also reduces the cost of electricity consumption, so it has become a better choice in people's minds. If you don' t know about home energy storage, the following aspects will be introduced in detail.

What is home energy storage?

Home energy storage is an electrical device that stores DC energy and delivers it at the right AC voltage, powering all types of appliances and electronics. Home energy storage are similar to micro energy storage power stations, and its operation is not affected by the pressure of the city's power supply.

In short, home energy storage stores electricity locally, for later consumption.

Why do we need home energy storage? (Benefits)

-- Saving your money. Reducing electricity costs by reducing reliance on the national grid, home energy storage can reduce the cost of providing frequency regulation and spinning backup services, and offset the cost to consumers by storing low-cost energy and using it later to reduce higher electricity bills during peak periods.

--Stable and efficient. Home energy storage is able to overcome grid losses. Power transmission from power stations to densely populated urban is inherently inefficient due to transmission losses in the grid, particularly within power-hungry dense conurbations where sites are hard to find. By allowing a greater proportion of on-site generated electricity to be consumed on-site, home energy storage devices can reduce the inefficiencies of national grid transmissions.

--Reduce reliance on fossil fuels

Home energy storage enables electricity to be saved for later use, when and where it is most needed. Home energy storage system creates efficiency and capacity for the grid while reducing greenhouse gas emissions by reducing the use of fossil fuels.

However, there are several reasons that energy storage will be an essential part of future energy systems. So let's take a closer look at what the future of home energy storage might look like.

--Increase in demand

According to QY Research, the global scale of portable generators will be about 18.7 billion in 2020, and will reach 30.4 billion by 2026, CAGR is 7.2%. In addition, the instability of the traditional power grid and the high cost of electricity have brought great demand for household energy storage.

--Grow faster

Home energy storage systems are mainly electrochemical energy storage, which is further divided into lithium-ion batteries and lead-acid batteries, of which lithium-ion batteries dominate. There are suitable for short-time energy storage, meaning hour-to-hour and day-to-day storage, with the capacity of rapid discharge and recharge from the grid.

--Policy support

Countries have successively issued relevant policies to provide a strong guarantee for the development of home energy storage.

The California Public Utilities Commission, for example, has adopted a storage procurement mandate of 1,325 megawatts of storage by 2020 for the state’s three investor-owned utilities. “Hawaii, Massachusetts, New York, Maryland, New Jersey, Oregon and Nevada have also adopted storage mandates and regulations,” said Donner. “At the federal level, the 30% Investment Tax Credit remains available for energy storage, provided it is coupled with renewable generation.”

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