When it comes to installing solar panels and getting the most out of them, off grid energy storage solutions are key. Since 2010, the average cost of solar panels has dropped more than 60%, with the cost of solar electric systems dropping 50% alongside it. Due to this decrease in price creating greater availability, more and more people have started to implement solar energy into their homes. If you’re interested in taking advantage of a solar system, here’s what you need to know about solar energy storage.
Using Solar Batteries
When using a solar battery for off grid energy storage, you can store excess energy for later home consumption, as opposed to feeding it back into the grid. Solar storage batteries allow you to get the most out of your solar panels and maximize your ability to utilize the energy you generate. This allows you to continue using clean energy even when your solar panels aren’t producing optimal amounts, either at night or when the sun is low.
When it comes to saving money with this option, the overall amount will depend on if your state offers net metering. Net metering is a credit that solar panel owners can receive based on the energy put back into the grid. These credits can be used to minimize the amount you pay for grid power during times when you use more energy than your panels can produce. For homeowners that are in a position to benefit from these credits, off grid energy storage options might not be the best option, as they save power as opposed to cycling it into the grid.
That being said, some electric companies have begun changing their credit policies making solar batteries a better solution for some homeowners. The following should be considered if you’re torn between off grid energy storage and credit opportunities.
- Time-of-Use Rates
If your utility company uses TOU (time-of-use) rates, what you pay will change depending on the time of day you use their energy. Rates will be higher during ‘peak hours’, which usually fall in the late afternoon and early evening. Typically rates are lower during the day and when home energy consumption is lower and solar panels are in full use. If your utility company uses this system, storing energy can help you save money by storing excess for times when rates are higher.
Demand charges are something else to consider. This includes a fee that can fluctuate depending on how much energy you use during peak hours or how much you consume over the entire month. Solar batteries can help you save money in this instance by allowing you to rely less on energy from the grid, preventing overly large fees.
- No Net Metering
If your states that don’t support net metering, or provide it at a reduced rate solar batteries are something to consider. For example, if you pay $0.11 per kWh of electricity, but you’re only offered $0.04 in credit for every kWh you feed into the grid, you’re better off storing energy and using it to save money overall.
Solar panels are fantastic investments on their own, but when coupled with smart energy storing solutions you can maximize their effectiveness and save more money in the long run. If this sounds like something you would be interested in, reach out to an off grid energy storage company and find out exactly what energy storage can do for you.