In the past decade alone, we have seen renewable energy blazing the way towards a brighter future of affordable clean energy for the masses! As more development and innovation grows, batteries, whether it’s EV or Solar will enable the rise of PV to go into its next, even bigger growth phase.
Crowned the fastest-growing source, Solar PV has drawn the attention of both individual consumers and businesses looking to expand their consumption of renewable energies.
It’s already clear that the mass deployment of PV installations and combination with storage solutions is the key formula to resolve the most harsh of obstacles to global adoption of renewables. Battery storage will help us all to abandon fossil fuel plants and introduce a more sustainable, reliable, and efficient energy marketplace.
With batteries today finally reaching the size and capacity that enables renewables to replace medium-sized natural gas generators, a future ruled by solar and storage is in plain site and it’s innovation that will play a vital role in the next big step.
One reason why pairing renewable energy with energy storage is seeing such strong surges is down to the increasingly reasonable prices of these storage systems. It’s never made more sense to invest now as overall cost has fallen by more than 50% over the past decade. Overall the cost of domestic solar electricity is now around 8p per kWh. This is well below the 16p average domestic import cost from the grid which, increased by an average 4.75% each year over the past decade!
A typical 4 kWp solar system (12 panels) now costs around £5,000 inc 5% VAT. There will be important maintenance costs over the life of solar PV and a probable inverter replacement required, but like many things, you get out what you put in!
On average a system will generate around 3,500 kWh a year, allowing for a slight degradation over time. In its 25 year life, it is expected to generate about 88,000 kWh of electricity.
Interestingly, advances in consumer electronics, particularly electric vehicles (EV) are also contributing to the enhancement of batteries. The knowledge collected in the automotive industry’s race towards battery efficiency has benefits for renewables too.
On the commercial level, businesses are throwing their hat in the ring as well. Apple recently announced that over 110 of its global manufacturing partners are now moving to 100% renewable energy–with storage capacities as the forefront of these impressive efforts.
Consumer interest is similarly encouraging. In Europe for example, the residential battery energy storage systems market is enjoying notable growth, with 725MWh of additional capacity installed over 2019. While the pandemic has slowed down the pace of new installations, 2021 is bound to see a positive recovery with a prediction of up to 7.2GWh of residential batteries installed by 2024!