What is energy storage? What are the benefits of adding battery energy storage to work with renewable energy sources? How much does battery storage cost?
Do you want to learn more about battery storage? In this article you will find answers to your questions about energy storage.
What is battery energy storage, and how does it work?
Battery storage is a device that allows energy to be stored when it is produced in excess of what is required. The energy is stored in the batteries in the form of electrochemical energy. When the demand for power increases, the electrochemical energy is transformed back into electrical energy and fed back to the grid.
Battery storage is an effective, modern solution aimed at improving the efficiency of energy management. With the increasing share of renewable energy in total energy generation, energy storage will become critical to balance electricity supply and demand.
Why is it worth having your own battery storage?
There are many advantages of battery storage, and the most important are the following:
- The battery storage allows you to connect new renewable energy sources (RES) to the same transmission and distribution infrastructure. What does this mean? Battery storage allows you to increase the total amount of energy generated and, at the same time, eliminates the risk of limiting energy generation when demand is exceeded.
- Battery storage allows energy to be used when renewable energy sources (RES) do not produce it. In addition, battery storage will enable you to sell energy at a higher rate, i.e., to take advantage of the difference in energy prices throughout the day.
- The battery storage guarantees the continuity of energy supply and, at the same time, partial or temporary energy supply autonomy, without the need to invest in a power generator and bear the costs of its depreciation. Due to the instability of energy generation by renewable sources (RES), such as photovoltaic panels or wind farms, the need to increase the security of energy supply becomes even more important.
- Battery storage facilities enable the construction of fast-charging stations for electric vehicles (EVs) without the need to expand the energy infrastructure. The newly developed commercial offerings for EV owners will allow you to build a market advantage and make a profit in the developing, modern, and, above all, environmentally friendly market.
How much does battery storage cost?
The price of battery sstorage depends on its power output and capacity. The greater the power output and capacity, the more battery storage will cost. The price also depends on the complexity of the grid connection and installation or the customer’s special requirements, such as aesthetic design. The prices of battery storage are in the range of several thousand euros per 1 kWh for a complete battery storage solution.
The price will differ significantly depending on whether it is a 10-kWh home battery storage or industrial battery storage with a capacity of 1 MWh or more.
Good news is that this market is dynamically changing. The cost of energy storage has already come down significantly in recent years and energy storage is becoming cheaper every year.
What is the service life of battery storage?
The durability of battery storage strictly depends on the number of charge/discharge cycles per day and charge/discharge level. If the battery performs one full cycle daily, the service life may reach several years. If the charge/discharge cycles are not full, i.e., the battery is not fully charged/discharged, the service life will be extended even more. Given a specific battery storage capacity, it’s important to keep in mind that after a certain amount of use, the battery will still work but will have less capacity.
A good specialist will help you choose the best system to ensure the longest life of a battery for your application.
Battery storage for solar PV panels – how to save money by storing energy from PV panels?
Battery storage is typically used alongside solar PV. Thanks to this solution electricity can be captured to be used later or sold to the grid operator.
In response to the demand for energy storage technologies in 2017 we designed a transformer station with integrated battery storage.
Thanks to many years of experience and an innovative approach to business, we are the national leader in the production of battery storage.