Can a home owner save money by adding battery storage to their existing solar system?
A home owner can save money by adding a battery storage device to their existing solar system in several ways:
- Time-of-Use (TOU) rate optimization. With a battery storage device, a home owner can store excess solar energy generated during the day and use it during peak TOU periods when electricity rates are higher. This can help to reduce the amount of electricity that needs to be purchased from the grid during these high-cost periods, resulting in significant cost savings.
- Net metering. Some states have a net metering policy that allows solar panel owners to sell excess energy back to the grid. With a battery storage device, a home owner can store excess energy generated during the day and use it during the night or other periods when the solar panels are not generating electricity. This can help to reduce the amount of energy that needs to be sold back to the grid, resulting in additional savings.
- Backup power. A battery storage device can provide backup power in case of a power outage. This can help to avoid the cost of purchasing a generator or using a backup power source during an emergency.
- Energy independence. With a battery storage device, a home owner can reduce their dependence on the grid. This can help to protect against future rate increases and provide more control over energy costs.
Savings
It’s worth noting that the savings will vary depending on the electricity rates, solar panel production, the size of the battery storage device, and how much energy is stored and used. Additionally, it may also depend on the state regulations and incentives available for using a battery storage device.
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