As fuel prices soar, millions of Britons could reduce their electricity costs by installing home storage. The looming energy cost crisis has prompted a record number of households to investigate green home upgrades, including heat pumps, solar panels and electric vehicles.
However, it is the falling cost of home batteries that is expected to be key to unlocking the greatest possible cost savings from these green investments. “For the right home, [home batteries] can cut bills, increase flexibility and make everyday energy use smarter and more resilient,” according to Tom Pakenham, a director at Hive, a subsidiary of British Gas owner Centrica.
The promise of greater control over energy costs has piqued the interest of consumers as typical dual fuel bills are forecast to climb to almost £2,000 a year under the next government price cap taking effect from July. This is the second time in four years that households have braced for the impact of volatile fossil fuel markets on their personal finances.
Rebecca Dibb-Simkin, the chief product officer at Octopus Energy, says the falling cost of home batteries could prove to be a “gamechanger” in 2026 by allowing customers to “fill up when electricity is cheap, and power your home when it’s expensive”. “Battery prices have dropped by 90% since 2010 and continue to get cheaper every year. This is only the beginning of what this technology can do for families and businesses across Britain,” she adds.
