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It is Expected that European Household Photovoltaic may Reach Grid Parity in 2021
According to foreign media reports, WoodMackenzie's latest report shows that European household photovoltaic and energy storage systems are approaching grid parity, and it is expected that as early as 2021, the cost of household electricity generation will be lower than the cost of purchasing electricity from the grid.In the past, the economics of energy storage have been challenging, but it is currently at a turning point. Major European markets such as Germany, Italy and Spain are moving towards the era of grid parity for household photovoltaic + energy storage.
Wood Mackenzie expects that by 2024, household photovoltaic and energy storage systems across Europe will increase fivefold, and annual installed capacity will reach 500MW/1.2GWh.
Germany currently leads the world in household energy storage, and other European countries are catching up quickly, especially its market structure and the gradually disappearing feed-in tariff (FiT) have created favorable conditions for the early market environment.
Italy expects that in 2021, and Germany in 2022, households will be able to save money by using rooftop photovoltaic systems + energy storage (note: cheaper than purchasing electricity from the grid).
This trend is expected to spread across Europe and gradually become a wise investment decision, and the rapidly falling cost of energy storage systems and increasingly expensive electricity bills will be the main factors leading to this turning point.
In addition, the report also stated that the UK and France are not expected to achieve grid parity between photovoltaics and energy storage before 2024, but despite this, the installation capacity of these two countries will still increase.
Spain is also a market worth paying attention to. The new government's ideas have promoted the recovery of household photovoltaics and paved the way for photovoltaics and energy storage in one of the sunniest regions in Europe.
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