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Understanding Consumers’ Perceptions, Expectations, and Willingness to Pay for Residential Battery Energy Storage Solutions is Key to Market Success
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The residential battery storage market is being spurred on by feed-in tariff and net metering revisions in residential PV hotspots, subsidies and tax incentives, rapid reductions in lithium-ion battery prices, and rising electricity tariffs. This is resulting in a shift from policy-driven markets for solar power grid trade to self-consumption-driven markets. The availability of residential storage increases the attractiveness for customers to enter the demand response market through similar aggregators, further increasing the value stack. Such functionalities allow for the opening up of income streams to customers besides enabling suppliers to offer system financing support, such as reduced or zero down payment loan, lease, or power purchase agreement (PPA) models. Significant reductions in upfront costs for customers through such models, combined with the provision of income streams, cost reduction through self-consumption, additional cost-reduction benefits when combined with electric vehicles, and advantages of a reliable, green energy supply to customers are expected to drive this market, even before system price reductions reach levels seen as acceptable for broad-based adoption. The market is expected to diversify significantly, with the US and Australia representing the two largest break-out markets and other European markets—Italy and the UK—expected to record significant growth. This study throws light on customers’ interests, attitude, usage, and perceptions with regard to various aspects of the residential battery storage market globally. It assesses customer willingness to pay for the residential battery storage systems with their preferred methods and also sheds light on the different brands, purpose of purchase, design (features) requirements, sources of information on battery storage solutions and suppliers. The study highlights the various growth opportunities for emerging as well as established players and identifies critical strategic imperatives. It also includes a significant sample analysis from major countries such as USA, Australia, Korea, and European countries (UK, France, Germany, Spain, and Italy).
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