Generating your own electricity and gaining independence from the grid is an exciting thought. And energy storage technologies are starting to make it possible. Coupled with your home solar system, battery storage gives you greater control over your energy usage and bills and helps you get the most from your solar investment.
What is energy storage?
Energy from the sun can be unpredictable. This means there will be times when your solar panels don't produce any power, such as when it's cloudy or dark. There are also times when they produce more energy than you can use. Energy storage technologies capture any surplus power and store it in batteries for use at a later date. In this way, you will never waste the energy your panels produce. Instead, you can simply save it and use it another time.
How can it benefit you?
Energy storage provides you with your own power bank, giving you tremendous control and foresight over your energy consumption. For example, you might choose to use your stored power when electricity prices rise or when there's a power failure. However you decide to use it, having a supply of power that's your own yields huge benefits. Here's a closer look at the advantages:
1. Round-the-clock power
Solar panels generate power when the sun shines. But at night, or on a cloudy day, their output reduces or stops. A battery allows you to store any electricity you don't use, so you can tap into it at night or when it's cloudy. Thus, you can ensure all the power produced from your panels is used and never wasted.
2. Increased energy security
Storing surplus solar power makes you less reliant on the grid, which is particularly valuable in regions that suffer regular brownouts or blackouts. Instead of being in the dark, you can simply draw energy from your battery to keep the lights on or the fridge powered during brownouts or blackouts.
3. Greater energy independence
Battery storage takes you one step closer to energy independence, helping to shield you from volatile energy prices by providing you with your own source of power that can be used any time of the day, even when the sun isn't shining. This helps you gain greater predictability over your costs and reduce your dependence on utilities.
4. Save money
Energy storage can shave money off your electric bills, as you'll be consuming less from the grid. What's more, you can hedge against fluctuating energy prices by opting to use your stored power specifically at peak times when rates increase. For example, energy prices are typically highest during weekday afternoons and evenings, so this is a great time to use stored power.
5. Better for the planet
Most of the electricity you get from the grid is derived from coal-fired power plants and other fossil fuels, which pollute the environment. By storing your solar power, you can ensure you're using as much renewable power as possible at all times.
6. Cut energy waste
It's nearly impossible to use every kilowatt-hour of your solar energy at the time it's produced. Battery storage means you don't have to. Instead, you can store it for another time, ensuring you really get the most from your solar investment.
Now is the best time to invest
Batteries literally put the power in your hands by giving you greater visibility and control over your energy usage and costs. As a long-term investment, they can really help you to hedge against rising energy prices so you can better forecast your bills and ensure a consistent electricity supply even when the grid fails.
What's more, 2019 is the last year you can realize the full benefit of the federal Investment Tax Credit (ITC), which allows you to knock 30 percent of the costs of your solar and storage system from your taxes - so there's never been a better time to invest in your energy future.
Interested in battery storage solutions for your home? Learn more about EverVolt, Panasonic's battery storage solution. For more insights on battery storage and renewable energy options, check out Panasonic's Green Living blog.
