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Report forecasts residential power industry to reach $71.6bn in 2023

CTBR Staff Writer Published 13 June 2014

The global revenue from all forms of residential distributed generation and energy storage will increase to $71.6bn in 2023 from $52.7 billion in 2014, according a new report from Navigant Research.

Solar

The research firm said solar photovoltaic (PV) panels are the most visible form of the vast disruption caused by distributed energy resources (DER).

Utilities are being forced to change traditional relationship with residential customers due to the increasing affordability of DER technologies which is allowing customers to have greater control in energy consumption.

The report cited continuing advances in new technologies like more efficient energy storage systems (ESSs) as one of the important factor for the sector.

Navigant Research said the technology advances and the government subsidies for ESSs, often in the form of feed-in tariffs, are allowing the combination of rooftop solar PV systems and residential energy storage in order to collect and use stored energy in less sunlight and power outage cases.

Navigant Research principal research analyst Neil Strother said rooftop solar PV is just one of the technologies that are transforming the traditional residential power industry.

"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," Strother added.

"Nonetheless, these energy innovations and attractive financing mechanisms provide residential customers with new options."


Image: Worldwide revenue from all forms of residential distributed generation and energy storage is estimated to increase to $71.6bn in 2023. Photo: Courtesy of dan/FreeDigitalPhotos.net.