What Is Energy Storage?
“Storage” refers to technologies that can capture electricity, store it as another form of energy (chemical, thermal, mechanical), and then release it for use when it is needed. Lithium-ion batteries are one such technology. Although using energy storage is never 100% efficient—some energy is always lost in converting energy and retrieving it—storage allows the flexible use of energy at different times from when it was generated. So, storage can increase system efficiency and resilience, and it can improve power quality by matching supply and demand.
Local Battery storage : the way forward for solar PV, Solar Battery Storage are Becoming Viable
Solar power isn’t always available when it’s needed, which means that homeowners cannot cut ties with utilities completely. Even if they were to adapt their electricity consumption to coordinate with the sun, they would only achieve a maximum 30% of the ratio of on-site consumption. Solar storage systems that can double this ratio by using electricity produced at midday to cover high demand in the evening, are still relatively expensive.
But that’s all about to change. The technology is becoming cheaper thanks to growing competition in the storage market, technological innovations and economies of scale due to larger production quantities. Many solar providers have readjusted their portfolios to include storage systems. Lithium-ion battery suppliers are doing everything they can to keep up with the costs of lead technology. The most important difference between the two technologies is that lithium-ion batteries can store more energy while requiring less space, and that they can be charged and discharged more frequently than lead-acid batteries. That’s why lithium technology is still pricier than its lead counterpart. Making photovoltaic combined with a solar battery an economical option.