How Much Can You Save With a Solar Battery Storage System?

For energy-conscious customers and environment lovers, home battery storage systems are a hot topic to discuss. Storing the electricity they create is always a wise choice if you already have solar panels installed on your roof. When the grid fails or it’s foggy, taking such measures can assist ensure a steady supply of electricity. Before having it installed, there are a few things you need to think about, but let’s start by talking about how these solar battery storage systems function.

How Does Solar Battery Storage System Functions?

Off-grid PV systems and other renewable energy source systems, such as wind energy, have long used the solar battery storage principle. However, solar batteries that come with an installation kit are currently in the news. It is anticipated that most residences with solar panels will have solar battery storage systems installed within the next ten years. Principle behind is, storing the electrical energy produced during day time and utilising the same at night or on less sunny days.  It is not only economical but also environmentally friendly and energy-efficient. Many people are drawn to installing these battery storage systems at their place of business or residence because they want to be independent from energy providers and reliable. Your home will have an uninterrupted power source to run continuously on solar energy if you have solar panels and batteries with a suitable capacity on your roof. Additionally, it is less expensive than paying for a kilowatt-hour of electricity drawn from the grid.

Solar Panels: Residential Battery Cost:

Capacity of the battery and its cost are often directly proportional to each other.. Higher capacity batteries are always good but they are comparatively costly. Keeping the installation cost aside, below is an approximate cost of solar batteries in Australia. Capacity: 5 Kilowatt-hour – Price starts From $5000  Capacity: 10 Kilowatt-hour – Price starts From $10000  Capacity: 13 Kilowatt-hour – Price starts From $12000  Rising electricity prices, increased global warming and motivating government schemes giving rebate (Eg Solar Panels Victoria Scheme, where discount of upto 50% of the purchase cost to install solar panels (max to $1400) and decreasing cost of batteries have resulted in increase in solar panel installations in residential arenas.  Prices on the cheaper end usually simply include a battery pack (cells plus battery management system). A battery storage system that includes a built-in inverter and other integrated components are often with higher end costs. Make sure it is clear in the bids you receive whether the price of a new inverter and additional electrical work are included. When purchasing a new solar panel system package, it may be more cost-effective to purchase a battery rather than retrofitting an older system. 

Are Household Solar Batteries A Wise Purchase?

How often a day do you charge and discharge the battery?

The majority of homes typically cycle their batteries once every day. If you are going to be out for a while, your battery won’t be constantly being charged and discharged.  This implies that having a battery won’t help you save as much as it might. On the other hand, certain batteries can be cycled more frequently than once each day without the guarantee being voided. If your battery can be charged and discharged more frequently than once per day, you might potentially reduce your electricity bill even further. However, you might need to install a larger solar panel system to provide more charging capacity in order for this to function.

Here’s how to calculate your average annual bill savings with a home battery:

Step1: Consider your solar battery’s size. Say : 13 kWh

Step2: Multiply it by the daily average of charges and discharges. For instance, 13 kWh times 1 charge and discharge each day equals 13.

Step 3: Now Multiply 13kwh i.e. your per day consumption with the difference between your grid rate and solar feed-in. For example your Grid consumption rate (30c/kWh) minus solar feed-in tariff (7.2c/kWh) equals 22.8c/kWh which is average bill daily savings. 

Step4: Now 13 times 22.8 = $2.96 average daily bill savings

Step5: Total Yearly Savings will be 2.96*365 = $1080.4 There it is: a battery-powered annual bill savings!

What Further Financial Advantages Can Home Battery Storage Offer?

Other financial advantages of battery ownership include:

• By enrolling in a Virtual Power Plant Program, you can make money using your battery power. Battery power prices are typically substantially higher than solar feed-in tariff prices.
• By recharging your electric car with solar energy that you have stored, you can cut your transportation expenditures (s)
• Reduce the expense of heating your hot water by using solar energy to power a hot water heat pump system.
• If there’s a long power outage, don’t lose money (best case is when you work from your home and have got the full blackout protection battery )
• In a power outage, save food  (i.e., Your freezer & Fridge won’t suffer due to power loss and keep functioning, thanks to solar batteries.)
• Reduce your property’s danger of fire damage, especially if you depend on electric-driven water pumps and don’t have a generator.
• The benefits of having a reliable source of power for your house extend to your health, safety, and security. For instance, if there is assured lighting during a blackout, your family will be safer.

Read More: Everything you need to know about going green with Solar Battery.

How Are The Costs Of These Advantages Determined?

That will depend on the values and way of life of each home. However, it is evident that these “softer benefits” are frequently what tip the scales in favour of purchasing a battery sooner rather than later. Contact us for a battery price quote. Get in contact if you’d like more information about the costs and advantages of battery storage for your house. We can suggest the appropriate size battery for your home based on your electricity usage and your needs, and we can also provide you a thorough quote outlining the expenses and benefits. We can also inform you of any battery rebates that you might qualify for (like schemes of Solar Panels Victoria) as well as other opportunities, including signing up for a government sponsored Virtual Power Plant Program. Additionally, we can set up low cost solar financing for people who may be interested.