Government policy on smart tariffs boosts storage market
Powervault is already experiencing “strong growth” from the market for storage from the 900,000 homes with solar PV, but the confirmation that the market will expand to around 20 million homes in 2017 from the roll-out of half-hourly settlement smart tariffs has raised confidence in the market.
The confirmation from government that it intends to provide Ofgem with the powers to drive through the move to half-hourly settlement in 2017 has given a boost to the domestic energy storage market, Powervault has said.
Powervault also talked about its partnership with Nissan to bring to market the most affordable energy storage product.
Powervault has been working with Nissan for the last 18 months to develop a product using second-life electric vehicle batteries. Warren, MD, said the company intends to “launch the cheapest and greenest storage product later in the year” using second-life batteries.