Installing grid-scale batteries to store electricity could pay for itself within six years, according to a new report by accountancy firm KMPG.

The Renewable Energy Association (REA), which commissioned the study, said domestic energy storage is likely to become an attractive investment within the next two years.

Nina Skorupska, Chief Executive at the REA, said: “2016 is going to be the breakthrough year for energy storage and the growth of decentralised energy.

“We are not asking government for subsidies, what we need is a stable policy environment that has been so lacking in the past year, coupled with a common sense approach to regulation and the ability to fully participate in the electricity market.”

Costs down 70% in next 15 years

Meanwhile, a separate report by the World Energy Council has said that the true benefits of energy storage are being masked.

The research called for both the cost and revenue benefits to be taken into account when valuing energy storage.

The report estimated that the cost of storing energy would fall by as much as 70% over the next 15 years.

> Download KPMG's report