Technologies and Global Market: Residential Energy Storage, Blockchain and Energy Sharing Systems
Summary The combination of the rising cost of energy and more affordable renewable energy technologies has made it more compelling for homes to generate and store their own electricity. Residential energy storage systems (RESSs) have led to the adoption of energy conservation measures to control and manage the increased expenditure on energy. Owners of residences with solar and energy storage can protect themselves from grid power outages and achieve energy independence. The addition of energy storage is leading to a proliferation of photo voltaic (PV) systems since they increase self-consumption and also help consumers keep rising energy bills in check. Energy storage technology has great potential to improve electric power grids and enable more self consumption of renewable electricity while providing alternatives to fossil fuels. The value proposition for residential energy storage today is where solar PV was seven years ago, and the factors that led PV to mass affor...