Energy Storage
Energy Storage Systems “Battery is the device that reserves energy produced for later consumption after it has been charged by a connected solar system or generator. The stored electricity is most generally consumed after sundown, during energy demand peaks, or during a power outage. Capacity & Power the two most important factors in determining the proper battery for a system are knowing the amount of electricity a battery can store and how much electricity it can provide at any given moment. A battery’s capacity is the total amount of electricity it can store measured in kilowatt-hours (kWh). The battery’s power rating will tell you the amount of electricity that the battery can deliver at one time measured in kilowatts (kW).
Fact 1
Prices for Energy Storage “Battery” used for electric vehicles and energy storage systems are down 87% over the last decade, according to a new report from Bloomberg NEF, and still falling. The price decline is due to a growing battery manufacturing industry with significant economies of scale starting to bring costs down.
Fact 2
The big appeal for batteries is that they allow solar owners to store energy generated by their solar PV system during the day to be used at night or at peak times when buying electricity from the grid is more expensive. This flexibility means battery owners can save money on their energy bills, maintain independence from the grid and increase their energy efficiency.
Fact 3
Knowing how much energy you use and when you use it will help you get the most out of a battery storage system. In general, batteries make the most economic sense for properties that consume a large amount of electricity during the day. Solar software calculations show that properties that on average consume 70% of their energy during the peak hours of the day consistently see better returns and shorter payback periods for batteries than those that consume a more even amount over the entire day.
Fact 4
The benefits of batteries are still secondary to the benefits of solar itself. Batteries offer a great deal of potential, but they still act as an add-on to PV systems. If you’re not producing any solar power, it doesn’t matter how much storage you have! Batteries don’t generate power on their own, and studies show that batteries are most beneficial for those who are already using their solar systems effectively.
Fact 5
Battery technology isn’t one size fits all. Batteries store electrical energy and then release it through a chemical process, but not all batteries do this in the same way. There are a few different types of batteries on the market. The most common are lead acid and lithium ion (Li-on). A few less commonly used technologies are nickel-based, flow and sodium ion. In the past, lead acid batteries were the standard for commercial storage systems and electric vehicles, but they’re being surpassed in popularity by lithium ion batteries.
Fact 6
It’s all about the payback period. With prices dropping, batteries are at the point of being cost effective for more and more property owners. You can determine whether or not co-installing battery makes economic sense by looking at its payback period – the amount of time it takes for the savings created by battery storage to equal or exceed the installation cost of the system. Generally speaking, a battery will save you money if its payback period is shorter than its warranty.