Is Storing Solar Power Worth It?

Is Storing Solar Power Worth It?

Instead of transferring the excess solar energy generated by your panels throughout the day to the grid, solar batteries store it for later use. If your utility provider employs time-of-use pricing, where power is more costly during periods of high demand, this can help you save more money on your electricity bills. You would use the solar electricity you’ve saved instead of paying peak prices for grid power during pricey times. 

If your utility buys excess solar energy at a meager price, using stored energy might help you save a little additional money. If your utility employs fixed rates with regular pricing throughout the day and has net metering, batteries won’t help you save any more money on your power bills. 

Even if batteries are more cost-effective, installing one is highly pricey. Energy storage will increase the price of solar panels by at least $12,000. The little extra savings the battery provides, which enables you to use solar energy that has been stored to avoid peak pricing, won’t cover the price of installing the battery. Therefore, even though a battery can help you save more money, it won’t be sufficient to provide you with a profit on your purchase. 

Batteries are often not a wise financial investment. But for households who frequently experience power outages, batteries may be valuable since they serve as a backup power source and keep your lights on. A battery could be something to think about if decreasing your carbon footprint and relying less on the utilities is essential to you because they also optimize the amount of renewable energy your house utilizes! 

Not everyone will benefit from household solar energy! If your energy expenses are low, your electric provider doesn’t offer a solar buyback program, or your roof needs to be more suitable, you generally won’t be rushing to install home solar panels. In these circumstances, the savings the solar panels would offer you wouldn’t be sufficient to pay off your original investment. 

Homes with high energy use, south-facing, open-roofs, and service from a utility that provides some net metering and charges high power rates are the greatest candidates for solar energy systems. There are a lot of boxes to check, yet many homes satisfy these requirements (or at least most of them).