Why more businesses are switching on to the benefits of battery storage
Battery storage is now more economical than it’s ever been. According to the experts, battery pack prices have fallen by more than 75 per cent since 2010*.
Depending on whose figures you believe, between 4GW and 18GW of new battery storage will be connected to the Grid over the next 20 years**. So it’s little surprise that more and more businesses are choosing to store their own energy as well as to generate it themselves.
There are a number of benefits to using batteries. First among them is that battery storage enables businesses to gain through demand side response (DSR). This essentially means that you will be paid for agreeing to increase or decrease your electricity usage at specific times. National Grid offers a number of DSR schemes and uses participants energy flexibility to help balance demand and generation on the grid.
Battery storage also offers the opportunity for businesses to cut their energy costs. It’s not just for large-scale energy users either. Battery storage gives businesses the flexibility they need to take electricity from times when it is cheaper (off peak) and use it whenever it is needed (peak periods) without having to pay the usual premium. Any surplus can even be exported back to the Grid, generating further income. This is sometimes called load or shape optimisation.
Batteries are getting smaller all the time, and a vast amount of electrical power can now be stored in a relatively small space, making it an easy option for businesses of all sizes.
As well as cutting costs, using batteries in this way can also enable business to store low-carbon energy from intermittent renewables such as wind and solar – whether they’re generating this themselves or buying it. They can then use this power whenever it is needed, without increasing their carbon footprint, even if the wind isn’t blowing or the sun isn’t shining.
Battery storage can also help businesses stay resilient, by enabling them to access battery power even during disruptive power cuts. And with new materials being developed all the time, batteries are becoming ever more affordable and attractive.
If you think your business could benefit from battery storage, Haven Power can help you find the right solution – either through our in-house team or our network of expert partners. Just fill in our quote form to get in touch.
*David Frankel and Amy Wagner, McKinsey.com, ** Brendan Coyne, theenergyst.com, 22 June 2017Contact us