Electricity prices have been rising continuously in the US and other parts of the world and are projected to grow by 16% in the US by 2031. Meanwhile, European governments are determined to make hydrogen a viable greener fuel alternative. Between €180 and €470 billion are estimated to be invested into renewable hydrogen by 2050 and as much as €18 into low-carbon (blue) hydrogen. By the year 2050 hydrogen could make up nearly a quarter of the world’s energy demand.

The demand for zero emission technology is outpacing supply as current technology is inadequate to meet market needs. Current energy storage technology solutions are too expensive for adoption for residential purposes. A company called Alkaline Fuel Cell Power is currently working on a design for a micro-CHP fuel cell that will have lower material costs than what is currently available, thus making it more viable for the consumer market. Alkaline Fuel Cell Power is developing a working prototype of their 4kW system design and plans to make them available for purchase in 2024. The materials used in Alkaline Fuel Cell Power’s designs are more accessible than what has been commonly used before, driving the manufacturing cost and the retail price of the units down. The residential and small to medium commercial markets have been seeing an increasing consumer demand for clean energy solutions which Alkaline Fuel Cell Power’s products are designed to fill.

As far as energy storage goes, hydrogen is one of the best ways to store renewable energy. Hydrogen can be produced from water through electrolysis, which can use renewable energy for an absolutely clean production. The cost of renewable hydrogen is predicted to fall by 50% in the US and Europe by 2050. Many countries see hydrogen as a crucial source of cleaner energy despite low adoption rate today.