Energy storage system may become the next growth product of residential solar energy-energy storage battery

by:Power Kingdom     2021-04-29
Today, residential solar installers have quietly begun to expand their product range to include energy storage products, which may be part of the industry's much-needed revenue growth. Tesla is the most famous manufacturer of energy storage equipment, and companies such as Sunrun, SunPower, and Vivint Solar have also entered the energy storage market. Early 2018 saw some signs of success. For solar installers, the advantage of deploying energy storage products is that it can use existing marketing and sales expenses to increase revenue. This may help make solar power more attractive to customers in various states. Sunrun, the next market growth product for the solar industry, provides the latest information on the sales of energy storage systems by US residential solar manufacturers, and the early data is impressive. In the company’s first quarter 2018 conference call, Sunrun CEO Lynn Jurich said, “We launched the Brightbox energy storage system in Massachusetts three months ago, and our direct sales of solar products have nearly 10% of our customers have adopted the Brightbox energy storage system.' She added: 'In California, more than 20% of our customers choose to add Brightbox energy storage systems. In some markets in Southern California, this proportion is now higher than 50%. %.' Sunrun did not disclose the revenue or profitability of each Brightbox energy storage system, but according to EnergySage's data, each energy storage system has at least $5,000 in incremental revenue and sometimes more than $10,000 in additional revenue. Since Sunrun has built solar power generation systems for 45,000 customers in the past year, it can bring in additional revenue of US$225 million per year. The solar energy industry is unlikely to achieve a penetration rate of 100% of energy storage products, but even 10% to 50% of the market that uses energy storage products will have a significant impact on corporate revenue. Sunrun is not the only energy storage company Tesla Inc. was once the industry leader in solar energy storage, but its solar business is shrinking, and energy storage projects have moved to the utility-scale market. If people want to invest in the stocks of residential energy storage companies, Tesla is not the right choice. SunPower said that commercial solar products, including energy storage products, now account for about 30%, and it is expected that residential energy storage products launched later this year will adopt the same strategy. The company hopes to become a leader in the field of commercial energy storage and occupy a place in the field of residential energy storage, although it is only in the early stages of launching the product. After losing the battery manufacturer's partner of Mercedes-Benz, Vivint Solar lags behind Sunrun and SunPower in the process of energy storage deployment. Mercedes-Benz withdrew from the residential energy storage market earlier this year. The company now supplies LG Chem batteries to Sunrun, but they have not been sold in most markets, and Mercedes-Benz does not have similar experience in energy storage controllers. While Vivint has increased its market share in residential energy storage, Sunrun and SunPower are now leaders in the industry. Energy storage systems benefit all parties. Energy storage systems have many ways to create value for customers and prove that their long-term value is more than US$5,000. The easiest way is to use it as a backup power source, which can be used if it is deployed in bad weather or a bad power grid. Through arbitrage between high electricity prices and low electricity prices, people have more and more reasons to adopt energy storage systems. Each state in the United States has different charging standards, depending on the time of day. Residential users can use solar power generated during the day in the evening. Grid service is another area that can create long-term value. If the local utility company has the ability to store and distribute electricity where it is needed, it can reduce the overall cost of running the grid, and residential users can charge for the use of its energy storage system. At this time, it is called a virtual power plant, which is ultimately where solar operators hope to use its scale to provide the most value from energy storage to the grid and customers. Energy storage systems are still in the early stages of application, but each sales can increase revenue by 5,000 US dollars or more, so they are welcomed by energy storage companies such as Sunrun, Tesla, Vivint Solar, and SunPower, and may become the 2018 An important growth point.
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