LG has developed a new energy storage system, Prime+, for the US residential market that combines two 10-hour batteries or 16-hour modules in parallel, providing 19.2 kWh to 32 kWh of capacity and a maximum 9.6 kW output from the inverter.
This is LG’s first LG-branded residential energy storage system for the North American market that includes an inverter. The system is designed as a modular retrofit option for partial or whole home backup. Residential energy storage in North America, particularly California is predicted to become more widely adopted as latest policy changes come into play. The latest iteration of the net energy metering policy, (NEM 3.0), which took effect in April reduced the incentives to sell excess energy generated from solar back to the grid and therefore storing the energy to power the home “on-demand” and offset electricity costs is becoming more attractive.
Additional demand for residential energy storage systems is also driving demand for battery management systems (BMS) and ICs. SAR sizes and forecasts the opportunity as part of its Battery Management Service.