Home energy storage: A characterization of potential adopters in Germany

32 Pages Posted: 12 Feb 2018 Last revised: 18 Feb 2021

See all articles by Veronika Grimm

Veronika Grimm

University of Erlangen-Nuremberg-Friedrich Alexander Universität Erlangen Nürnberg - School of Business & Economics

Sandra Kretschmer

Chair of Economic Theory, School of Business and Economics, Friedrich-Alexander-Universität Erlangen-Nürnberg

Simon Mehl

University of Erlangen-Nuremberg-Friedrich Alexander Universität Erlangen Nürnberg - Department of Economics

Date Written: June 4, 2018

Abstract

Home energy storage (HES) poses a promising option to foster flexible electricity demand and grid-stabilising self-supply. Understanding the characteristics of potential storage adopters and their motives for adopting is essential to enable targeted measures to promote diffusion. This paper presents an in-depth analysis of motivational and psychological factors as well as product characteristics that affect the willingness to adopt domestic energy storage. Based on a selective sample of solar panel owners as the main energy storage target group, we find that potential adopters differ systematically in their evaluation of economic and non-economic characteristics of home energy storage. Using correlation-based average linkage clustering, we identify four distinct types of storage adopters: finance-oriented, independence-oriented, idealistic and multilaterally oriented households. Our findings emphasise that segment-specific policy strategies and support mechanisms are needed to stimulate HES adoption to pave the way for a sustainable energy system.

Keywords: Energy storage, Consumer segmentation, Adoption decision, Innovation diffusion

JEL Classification: C38, D12, D91, O33, Q21, Q55

Suggested Citation

Grimm, Veronika and Kretschmer, Sandra and Mehl, Simon, Home energy storage: A characterization of potential adopters in Germany (June 4, 2018). Available at SSRN: https://ssrn.com/abstract=3122235 or http://dx.doi.org/10.2139/ssrn.3122235

Veronika Grimm

University of Erlangen-Nuremberg-Friedrich Alexander Universität Erlangen Nürnberg - School of Business & Economics ( email )

Nuremburg
Germany

Sandra Kretschmer (Contact Author)

Chair of Economic Theory, School of Business and Economics, Friedrich-Alexander-Universität Erlangen-Nürnberg ( email )

Lange Gasse 20
Nürnberg, 90403
Germany

Simon Mehl

University of Erlangen-Nuremberg-Friedrich Alexander Universität Erlangen Nürnberg - Department of Economics ( email )

Lange Gasse 20
Nuernberg, D-90403
Germany

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