Residential storage on the rise as homeowners seek to control energy use
A growing number of homeowners are investing in residential energy storage system (RESS) solutions to reduce the inconvenience associated with power outages and, in some cases, reduce costs and increase their use of renewable energy.
That was one of the findings of a new report from Guidehouse Insights, examining the global RESS solutions market to 2030.
RESS solutions offer homeowners some control over the energy used in their residence rather than depending on the local utility for service. According to the report, the RESS solutions market is expected to grow at a compound annual growth rate (CAGR) of 21.3% from 2021 to 2030.
“While generators continue to be popular, the most important trend is the growing adoption of battery-powered RESSs,” says William Hughes, Principal Research Analyst at Guidehouse Insights. “This trend follows the growing adoption of solar panels by homeowners, as the sale of battery-powered RESS almost always comes with solar panels.”
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However, challenges for the RESS industry include providing owners with accurate information about options, their relative merits and costs.
Customer installation also requires an expensive on-site assessment and may involve complex and time-sensitive grants from local utilities and government agencies. A variety of financing options and ongoing equipment management can add to consumer confusion, the report says.
A summary of the report, Market Data: Residential Energy Storage Systemsis available for download.
This information was provided by Guidehouse Insights