Solar Energy Storage: Cost vs. Savings

Breaking Down Solar Energy Storage System Costs

What makes a potential buyer concerned about the cost of solar energy storage systems is the initial expense, and the costs allocated to each component, the batteries (which are of high quality), the smart battery management systems, and the inverters. All of these are complemented with professional installation services. These components may seem like disingenuous parts, but together they solve a problem. They are the keystone to a long term energy solution. 

System components of high quality lithium iron phosphate batteries, which are top tier in the solar energy storage market, and are core to the entire solution. The durability, and safety of the batteries is what makes the core solution of the service. The needed cost of the service to the customer is not raised for other service components. The other components are needed, and are added to the total needed cost of the service. These components are professional installation services which are needed for the total service and safety of the customer, smart battery management systems, and quality inverters.

Advancements in Technology and Cost Saving Potential

New technologies are rapidly changing the expense efficiency of solar energy storage systems. Batteries are designed in scalable packs so consumers can start with a solar storage system that meets their needs and build on it. This means customers will no longer have to over invest during the initial purchase of solar storage systems. Now, a larger number of households and businesses can purchase affordable solar storage systems. Customer savings increase with a system that lessens dependence on grid power and decreases energy waste. Customers with solar storage systems will save a lot of money each month and can even use WiFi to adjust the system to maximize savings.

The premium battery cell technologies from the top global brands offers modern solar energy storage systems the most advanced tech. The cells are reliable and safe because they have passed the international testing standards CE, UL, and RoHS. The advanced technologies provide systems with higher energy density, faster charging and longer lifespans which equates to longer periods of cost savings.

Your savings increase long term on solar energy storage when you look at just how valuable storage can be. On top of that, there is a reduced need to use grid power. Users can keep solar energy to use in the evenings or on cloudy days rather than using grid power. This is especially impactful on energy bills, and savings can be expected throughout the duration of the warranty, which is usually 10 years, plus some extra years.

Price protection is savings system users can expect to see. In the last 10 years, the price of electricity has gone up globally, and this is due to things like changes to fuel pricing and upgrades to systems to provide electricity. If a solar storage system is implemented, the user does not have to worry about these costs. They can run their small business using the system and have consistent energy costs for years, which aids in planning for budgets, and improves profitability.

Numerous regions across the country offer net metering programs to save even more money. Participants in these programs have the ability to sell stored energy back to the grid to earn credits and/or cash. This means the solar storage system can become a money making asset, offsetting the initial investment even faster. Coupled with the tax incentives and rebates many governments offer to encourage the adoption of renewable energy, the financial case becomes even stronger.

Real World Experience: How Users Benefit Financially

Real life examples demonstrate the clear financial paybacks of solar energy storage systems. A mid sized solar storage system was installed by a suburban restaurant and in the first year, the restaurant saw a 40 reduction in monthly electricity costs. The system stored solar energy during the lunch and dinner rushes to spare the restaurant from paying 30 more for grid electricity during peak hours. Within five years, the restaurant's net metering credits and bill savings recouped 60 of the original investment.

Expert Perspectives on Designing Cost Savings  

When it comes to solar energy storage, experts say to plan and customize to individual needs to optimize savings potential. First, identify energy consumption goals like business and home energy. It can help inform for how to design systems most optimally to scale to business needs. Systems can save money, but undersized systems don’t save money. Oversized systems incur additional upfront costs.  

An additional expert tip is to design systems for maximum efficiency. Systems with 95+ efficiencies can help retain solar savings by avoiding runaway energy losses during conversions. Greater discharge depth batteries will optimize cycle savings.  

Experts suggest positively contributing to government and utilities renewables storage incentive programs to help recapture upfront investment costs quicker. Staying current with programs and reputable professionals that offer integration assistance and will help to maximize savings.Reliability and Value Go Hand in Hand

Trust and reliability are of major importance when investing in solar energy storage. Most trustworthy solar energy storage providers work with and follow international standard-setting organizations and product quality certifications like CE, UL, FCC, and RoHS. These certifications help customers feel safe that they’re spending their money on a system that meets international and rigorous safety standards and performance criteria.

The most trustworthy providers also have true and frequent transparent prices. No hidden fees should exist, and customers should pay from the start for the whole system, including installation, and maintenance, if you they feel like that should be something included in the initial system.

Finally, warrant coverage also shows trust. If a system has a ten year warranty on its batteries and major components, it shows that the provider trusts at least that part of their system. The warranty protects the customers from major defects and loss of performance as well as from a lot of extra money needing to be spent on repairs or replacements.

Balancing Costs with Savings

While solar energy storage systems are large and expensive, there are savings that can be realized over time that are worth more that the cost. With government incentives, users can protect the savings of energy costs that are caused by increased reliance on grid electricity. These savings can reduce costs the the systems within a reasonable timeframe and provide decades of savings to the energy costs.

Advances made in design of the batteries, solar component inverters, and smart management systems have improved systems performance now more than ever. Many solutions are also scalable, meaning that a user can make a more affordable incremental investment, and that providers are able to offer more expensive, durable, high-performing systems. Many real-word case studies from households and businesses illustrate the cost efficiencies of solar storage systems.

When evaluating the cost of solar energy storage systems, make value the focus over just price. Working with a provider that has in-house certified systems, on-grid systems and good pricing transparency, combined with excellent warranty terms, provides a systems that has value and will cost efficiently realized the savings over time. With the right operational systems in place, you will not just make cost savings, but also positively contribute to your social footprint and self-system a sustainable energy storage system.