Sweden Invests in Home Energy Storage
Sweden has announced it will compensate individuals who invest in home energy storage systems. This is part of Sweden’s commitment to becoming entirely free from fossil fuels in electricity generation by the year 2040.
As of November 1, 2016 Swedish residents can apply for this subsidy that will cover up to 60% of the system costs, with a maximum of SEK 50,000 (approx. USD 6,700). The requirement is that the storage will be connected to a system for generating renewable energy that is grid connected. The Swedish government hopes that the subsidy will lead to an increase in the consumption of self-produced energy. And by increasing the local storage of that self-produced energy a more stable grid can be expected.
The scheme applies to home storage systems purchased from January 1, 2016 and it will run until December 31, 2019. The budget for 2016 is SEK 25,000,000 (approx. USD 2,800,000) while the budget for 2017 to 2019 is SEK 50,000,000 (approx. USD 5,600,000) per year. The scheme has come into force on November 1, 2016.