In recent years, the rise of solar energy storage batteries has had a significant impact on the economic viability of installing rooftop solar systems. As the cost of solar panels continues to drop, coupled with the benefits of solar energy storage, more and more Australians are choosing to install solar panels on their roofs. In this post, we’ll explore how solar energy storage batteries have changed the economics of rooftop solar.
Solar storage batteries
Solar energy storage batteries are a type of battery that stores excess energy generated by solar panels during the day. This stored energy can then be used when the sun isn’t shining, such as at night or on cloudy days. By storing this energy, homeowners can reduce their reliance on the grid, and in some cases, even go completely off-grid.
So, how have solar energy storage batteries changed the economics of rooftop solar?
Reducing reliance on the grid
One of the key benefits of solar energy storage batteries is that they reduce homeowners’ reliance on the grid. By storing excess energy during the day, homeowners can use this energy at night, reducing the amount of energy they need to purchase from the grid. This can lead to significant savings on energy bills over time.
Increased self-consumption of solar energy
Another benefit of solar energy storage batteries is that they increase the amount of solar energy that homeowners can consume themselves. Without a battery, excess solar energy is fed back into the grid, and homeowners receive a feed-in tariff for this energy. However, with a solar energy storage battery, excess energy is stored for later use, meaning that homeowners can consume more of the solar energy they generate themselves. This can lead to further savings on energy bills.
Protection against energy price rises
Energy prices in Australia have been rising steadily in recent years, and this trend is expected to continue. By installing a solar energy storage battery, homeowners can protect themselves against these rising energy prices. By generating and storing their own energy, they are less reliant on energy from the grid, which means they are less affected by price rises.
Increased value of the home
Installing solar panels and a solar energy storage battery can increase the value of a home. In a recent study by the Australian Renewable Energy Agency, it was found that homes with solar panels are selling for more than those without. This is because solar panels and energy storage batteries are seen as an attractive feature for potential buyers, who are looking for ways to reduce their energy bills and their impact on the environment.
Longer lifespan of the solar panels
By installing a solar energy storage battery, homeowners can extend the lifespan of their solar panels. This is because without a battery, excess energy is fed back into the grid, which can cause wear and tear on the panels. By storing excess energy, the panels are not overworked, which means they can last longer.
To wrap up, solar energy storage batteries have had a significant impact on the economics of rooftop solar. By reducing reliance on the grid, increasing self-consumption of solar energy, protecting against energy price rises, increasing the value of the home, and extending the lifespan of the solar panels, solar energy storage batteries have made rooftop solar a more attractive and financially viable option for homeowners. As the cost of batteries continues to drop, we can expect to see even more Australians turning to rooftop solar in the years to come.