A Battery For Every Home
Does your home have a battery yet? If not, it probably will over the next decade.
Your car has a battery, your remote control for your TV has a battery, your mobile phone has a battery... so why doesn't your home (by far your biggest energy consuming device) not have one?
The answer is quite simple. It doesn't have a battery... YET!
Much like 10-20 years ago when most homes did not have broadband internet, things can change rapidly once technology and costs improve. With the rise of intermittent energy supplies (from clean renewables), storage is rising up the disrupter list rapidly.
Currently, the easiest way to store electricity is to convert it into heat/hot water and to store this in your hot water cylinder. But the value of storing electricity is often 3 to 5 times higher. This means if you can store this electricity in a battery and use it when prices in the energy market are high (peak use times ~8am-10am, ~4pm to 8pm) significant savings can be made.
It also has the added benefit of allowing grid stability for the electricity network and giving you peace of mind that in a power cut, you can keep the lights on and the TV/Netflix going!
Currently, you can get a high quality battery for your medium sized home for ~€8,000 fully installed. This gives you about 13kWh capacity (a typical 3 bed home uses about 10kWh/day) and if charged at night rates could save ~€250 per year... a ~30 year payback.
However, if electricity prices increase, or battery costs decrease, this payback could be significantly less. There are also likely to be supports from grid operators as you can reduce load on the grid and even support it if export is an option.
We think it is a safe bet that most houses will have some sort of battery storage inbuilt over the next ten years. Especially once the economics start to add up.