What is Energy Storage?
If you have a renewable energy system in your home, such as solar PV, any excess electricity you produce (and don’t use) is returned to the National Grid. UK households tend to consume more electricity in the morning and evening, therefore you can lose a lot of the energy you generate during the day. An energy storage system, in the form of a battery, allows you to save that excess energy, so you can use it when you need it. It’s a way of increasing your self-consumption and reducing your reliance on the grid.
Types of battery storage available
There are several types of battery storage on the market, but Lithium-ion and lead-acid batteries are the main type for domestic use. In general, lithium-ion batteries are regarded as the most cost-effective option. They can be more efficient than lead-acid batteries, weigh two thirds less, can discharge more stored energy, have a longer expected lifetime, and are more environmentally friendly. Although lithium-ion batteries could have a greater upfront cost than lead-acid batteries, they could offer greater long-term savings.
Will Energy Storage save me money?
According to Ikea, a typical UK home with solar panels uses just 40% of the energy it generates. The rest is sent back to the National Grid. With an energy storage system installed, households with solar panels could maximise the electricity they generate, therefore reducing electricity bills. So, whilst energy storage set-up fees may appear significant, there could be long-term savings to be made.
