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2016 will be a “breakthrough year” for energy storage, according to the Renewable Energy Association.
Commenting in the launch of an REA-commissioned report on storage, REA chief executive Dr Nina Skorupska said: “The industry must draw a line under the turbulence of the past year and look to the future. This report shows that storage is already upon us and whilst traditional fuels like nuclear and gas are needing increasing help from the government, the cost of renewable technologies are coming down and many companies are looking forward to the post-subsidy business model.”
The report predicts that the cost of energy storage will decline rapidly for both domestic and business users. It claims storage technology could soon become economically viable for homeowners with existing feed-in tariffs for solar panels, and that grid scale battery storage projects could provide return on investment within six years.
The REA called on government to remove regulatory barriers to storage and introduce a definition of energy storage in the current Energy Bill.
Skorupska added: ““We are not asking government for subsidies, what we need is a stable policy environment that has been so lacking in the past year, coupled with a common sense approach to regulation and the ability to fully participate in the electricity market.”
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