The Success of Solar-Plus-Storage Defines the Growth Potential of Renewable Energy, Creating Needs for New Partnerships and Technologies, Says Lux Research
BOSTON, MA--(Marketwired - Jan 28, 2016) - Distributed storage for solar systems will be worth $8 billion in 2026 as solar combines with storage in order to continue its remarkable growth, according to Lux Research. Solar-plus-storage is a key necessity for solar to overcome limitations like intermittency and the lack of power after dark.
Energy storage will increase the distributed solar market by 25 GW annually in 2026. Adding storage adds costs, affecting revenue streams and addressable market size, but as installed solar system costs decline -- from $3.83/W in 2015 to $1.87/W in 2035 -- an attractive economic case will emerge in 2023, leading to strong growth.
"As the solar-plus-storage market matures, interesting developments will unfold on a number of fronts. There will be more vertical integration between the two industries, increased financing options and even a move towards energy-sharing between communities," said Cosmin Laslau, Lux Research Senior Analyst and lead author of the report titled, "Helping Renewables Shine On: Analyzing the New Business Cases Where Batteries Make Sense for Solar Systems."
Lux Research analysts studied the impact on distributed solar of its integration with storage to maintain growth. Among their findings:
The report, titled "Helping Renewables Shine On: Analyzing the New Business Cases Where Batteries Make Sense for Solar Systems," is part of the Lux Research Solar Intelligence, Energy Storage Intelligence, and Distributed Generation Intelligence services.
To hear more about energy storage trends, register for the complimentary webinar, "The Coming Battery Revolution: How Improving Batteries Will Enable Entirely New Products and Applications" on April 5th at 11:00 EDT.
About Lux Research
Lux Research provides strategic advice and ongoing intelligence for emerging technologies. Leaders in business, finance and government rely on us to help them make informed strategic decisions. Through our unique research approach focused on primary research and our extensive global network, we deliver insight, connections and competitive advantage to our clients. Visit www.luxresearchinc.com for more information.
Lux Research, Inc.