This paper explores the future of home storage uptake in the developing Battery Energy System (BES) market. A survey of over 500 households and interviews with 51 homeowners in Tasmania were used to ascertain motivations for installing BES’s. BES cost projection curves were used to model uptake under various scenarios.
This study found that there is a high interest in purchasing batteries yet the timeframe for purchase is largely dependent on a satisfactory payback period. Nearly 80% of respondents are considering batteries within the next two years, but on average stated that a payback of 7 years would be required to make the investment palatable, at least from a financial standpoint. However, the market for batteries will likely not reach the acceptable price point for another 4 years.
The projections suggest a slow uptake until around 2023, after which the authors anticipate a considerable increase in installations in Tasmania. As the technology becomes cheaper with improved efficiency, more households will turn to batteries as a means to reduce household power bills. This study highlights the necessity of understanding financial and non-financial consumer motivations and uptake timeframes for household BES’s, in order to effectively manage the transition to a future with increased Distributed Energy Resources across Australia.