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Stock Code: 831010

European home energy storage market continues to grow

by YINTOM 08 May 2024 0 commenti
European home energy storage market continues to grow

The European energy storage market is mainly driven by energy self-control claims and high economics. The spot market price of electricity in Europe is determined by energy supply and demand, and the price of electricity in Europe is expected to soar in 2022 due to geopolitical conflicts disrupting natural gas supply in Europe. High electricity prices and unstable supply, high demand for solar power batteries for home in Europe in 2022.

In the European energy storage market, Germany and Italy occupy nearly 70% of the market. According to SolarEurope, in 2021, European household storage new installed capacity of 2.29GWh, +106.8% year-on-year, the cumulative installed capacity of 5.4GWh. 2022, the new European household storage TOP4 were Germany, Italy, the United Kingdom, Austria, of which Germany is still the highest installed capacity of European household storage in the region, accounting for 42%, the new installed capacity of household storage in Italy accounted for more than a Significantly improved, accounting for 27%.

This year, Germany as the representative of the European countries power prices have fallen, the current price of electricity has been repaired to the level of 2021, Germany, Italy and the United Kingdom electricity prices at 0.4 euros / kWh or so, household storage is still economical. Coupled with the home solar and battery has increased the determination of the European countries energy transition, it is expected that the demand for new energy construction as well as energy storage facilities will be continued. In order to achieve energy autonomy and control, to reach the long-term goal of carbon neutrality, many European countries have adopted a variety of policies to encourage the development of household storage. With strong policies for leverage, further amplifying the economics of household storage in Europe.

Germany as the main European energy storage construction countries, pre-emptive, combination of punches to support household storage. Germany's support for household storage originated earlier, using a combination of financing, taxation, subsidies and other policies.

At present, Germany for household storage of the latest major support policies have two: First, the German Renewable Energy Law (EEG 2023): for household light storage, upward adjustment of the residual feed-in tariff, feed-in subsidies up to 13.4 euro cents / kWh. For household storage to pay taxes and fees for the installation of the upper limit of 10kW up to 30kW. two is the “2022 annual tax bill”: Germany exempts income tax on a portion of the feed-in tariff, exempts the import, purchase, and installation of small rooftop PV and energy storage systems from 19% VAT, and simplifies the VAT exemption process. The two policies reduce the payback cycle of household photovoltaic and storage equipment by boosting the revenue from electricity sales and lowering system costs, thus improving the economics of household storage in Germany.

2023 with the decline in natural gas prices, residential electricity prices fall back, superimposed on the European distributors continue to de-inventory, dragging down the performance, the market and then worried about the actual demand situation in Europe. However, the actual European market installation pace in 23 years still shows a strong trend. According to ISEA&RWTH Aachen University statistics, January-August 23 Germany household storage installed 3.04GWh, +158.0% year-on-year. According to ANIE, Italy installed 1.09GWh of energy storage in 1Q23, +296.0% YoY. We believe the slowdown in shipment pace in FY23 is mainly a temporary impact from de-storage.

The current power storage systems returns are still high, taking into account compared to 2021, the current product preparation is more diversified, raw material costs such as batteries are starting to fall, user education is more adequate, European household storage still has high growth momentum. European home battery power storage market is mainly driven by the demand for energy self-control and high economic, shipments are expected to return to rapid growth in 2024, European household storage penetration rate there is still a very large room for improvement.

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