Residential Energy Generation and Storage Will Reach $71.6 Billion in Annual Revenue by 2023, Forecasts Navigant Research

Solar photovoltaic (PV) panels, which enable customers to generate some of their own electricity and sell unneeded power back to their utility, are the most visible form of the broad disruption caused by distributed energy resources (DER). The growing affordability of DER technologies is altering utilities’ traditional relationship with residential customers by giving customers greater control of their energy consumption. According to a new report from Navigant Research, worldwide revenue from all forms of residential distributed generation and energy storage will grow from $52.7 billion annually in 2014 to $71.6 billion in 2023.

“Rooftop solar PV is just one of the technologies that are transforming the traditional residential power industry,” says Neil Strother, principal research analyst with Navigant Research. “Some of these technologies, such as residential combined heat and power, are in the early stages of market development, while solar panels are more mature. Nonetheless, these energy innovations and attractive financing mechanisms provide residential customers with new options.”
 
One key driver for this sector, according to the report, is continuing advances in new technologies, such as more efficient energy storage systems (ESSs). These advances, along with government subsidies for ESSs, often in the form of feed-in tariffs, are enabling the combination of rooftop solar PV systems and residential energy storage in order to collect and store energy for use when sunlight is unavailable or there is a power outage.
 

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

Easy monitoring with weather sensors from Lufft

Easy monitoring with weather sensors from Lufft

Professional weather sensors form the heart of large solar plants supporting their operation and performance. Lufft was the first manufacturer to combine several sensors in one housing, bringing the largest multiparameter weather sensor family with 19 members into being. Many of them are well-suited for solar site assessment and continuous monitoring. The most commonly used one is the WS600 delivering data on temperature, air pressure, wind, relative humidity and precipitation. Through its open protocol, it can easily be attached to radiation sensors e.g. from Kipp&Zonen. Other models have an integrated Silicon, Second Class or Secondary Standard radiation sensor.