Battery storage is becoming increasingly popular due to advances in technology and a reduction in pricing. Only a few years ago battery storage was rarely viable due to both cost and physical size, but rapid improvements in technology are changing the game. Batteries are becoming cheaper and smaller, allowing more home owners and businesses to benefit from private energy storage.
Is battery storage the right solution for you?
Benefits of Battery Storage
There are three main benefits of having battery storage, and depending on what your requirements are, you may find more than one advantage to owning batteries. Off-grid systems are not mentioned here, as batteries are an integral component of any off-grid system.
Off-set peak pricing
Even with solar panels installed, the setting sun usually means you are left paying a large portion of the expensive peak electricity rate, typically between 5pm-10pm. If you want to reduce your electricity bills, batteries can be used to power your home during this period of peak pricing. Some form of renewable generation (solar, hydro, or wind) when coupled with battery storage, is an extremely effective way to reduce your energy bill.
High electricity pricing combined with low financial returns for energy exported to the grid, makes self-consumption the most effective method of gaining value from you renewable energy system. Batteries can minimise your energy export by charging during periods of excess energy production, and can minimise your use of the grid by providing energy when your renewable generation is low or offline.
Maybe you run a business, and you don’t want power outages to affect your normal operations. Or maybe you have items in your home like alarms, security devices, or IT equipment which have an essential need for maintained power. Batteries can be used as a backup power source, to maintain power to your equipment in the event of a power outage. For critical equipment, the batteries can be arranged as a UPS system (uninterruptable power supply system), meaning there is no loss of power between the point of the power outage, and the moment when the batteries begin supplying power.
Batteries come in a huge range of shapes and sizes, and will vary significantly depending on your requirements. Here in the Snowy Monaro region we are subject to some of the most wildly ranging weather conditions in the country. Batteries in general do not like extreme heat, and in particular don’t like the extreme cold. Regardless of what battery solution you are opting for, it is important to allocate an area for your batteries that is well protected from the elements.
The popular Tesla Powerwall and LG Chem RESU utilise newer lithium technologies, allowing them to be constructed in a slimline profile which can be wall mounted or floor mounted. Options like this increase the possibilities of mounting your unit in sheltered areas, improving their performance and prolonging their expected service life.