OSLO, NORWAY: Following the battery launches in Italy in Q2 2021, Spain in Q3 and Germany in Q4, Otovo is now making home energy storage available to consumers in the Swedish market.
“For Swedish consumers this will now be a way to add 5-22kWh of storage to their solar systems, meaning they can typically run the entire night on their own solar energy in the light part of the year. These consumers will be invisible to the electricity company and grid owner from March to October, and will have zero or very low electricity bills,” says Otovo’s Chief Executive Officer, Andreas Thorsheim.
Batteries can help consumers expand the usefulness of the solar panels into the evening hours, or they can arbitrage between high and low price hours on Nordpool, or they can help consumers avoid grid charges. In addition home energy storage can be a way to run emergency power in times of outages or crisis.
Battery attachment rates have been in the 60-70 percent range in Italy and Germany, and are starting the year at above 30 percent in Spain. Sweden is expected to come in a little lower than Spain, due to the structure of the Swedish energy tariff system.
Swedish homeowners can take advantage of a 48.5 percent tax deduction on the total cost of getting a battery installed.
For Otovo, adding a battery to a sale will roughly double the ticket size and the gross profit per customer. Batteries are also possible to lease, so this product expansion is expected to move leasing deployment upward from Q2 2022.
Otovo currently offers batteries from the market leading brands Huawei, BYD, and LG in sizes ranging from 5kWh to 22kWh, and are looking to add more options for customers looking for retrofit (added to previously installed systems) or stand-alone (no solar panels attached) solutions.
For homeowners, Otovo is the easiest way to get solar panels on the roof. Otovo is a marketplace that organises hundreds of local, high quality and qualified energy installers.
The company uses its proprietary technology to analyse the potential of any home and finds the best price and installer for customers based on an automatic bidding process between available installers.