Energy price rises are making headlines again, while the cost of solar Photo Voltaic (PV) and wind, as well as energy storage, continues to fall. Now, more than ever, businesses are turning to self-generation and storage in a bid to manage costs.
Traditionally, cost control wasn’t a top priority for businesses considering investment in generating and storing their own electricity. Instead, reducing emissions, increasing resilience and the financial gains of Feed in Tariffs (FITs) have driven the desire to become a prosumer. What’s more, businesses have adopted this approach to meet corporate social responsibility goals and to benefit from Demand Side Response.
Yet as wholesale energy prices rise, and the cost of battery storage falls, the industry increasingly views the prosumer model as a means of helping to control energy costs. This is particularly true for UK businesses at this time, with the uncertainty of Brexit looming; being able to control or predict costs can remove a source of anxiety.
The benefits of prosuming are simple. If your business could generate all of its own electricity, you’d always be able to predict your energy costs. You could sell any surplus power to the Grid through FITs, or store it in batteries for your own use later. You could even store power to sell to the Grid when prices rise, as demand reaches a peak.
While most businesses struggle to produce all their own electricity, prosuming can still help keep your energy costs down and act as a hedge against spikes in wholesale prices. The more electricity you generate, the greater your control over costs – and the more predictable your budgeting – can be.
As the UK energy market continues to change at pace, disruption – in the shape of emerging initiatives such as prosuming – offers opportunities for businesses to benefit. As ever, those companies that make the most of these new opportunities will be better placed to succeed.
To discover how your business could benefit from Haven Power’s energy services such as battery storage, please complete our contact form.
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