Why battery storage is importantBenefits of home batteries & energy storageHome batteries as part of a solar systemBest home batteries on the market todayElectric cars & trucks can power your homeInstalling battery storage in your homeCosts, Incentives and Payback period for home battery systems
In terms of when electricity demand is highest, in the winter, there is a peak in electricity use in the mornings and again around dinnertime. In the summer the picture is a bit different. In the US, 87% of homes have air conditioning units, requiring a lot of power to run them. As a result, the highest power consumption in the summer occurs in the evening, reaching its peak around 5:00 PM or 6:00 PM.
We''ve covered why energy storage is a big benefit to the grid and therefore society as a whole. Let''s now dive deeper into the benefits of battery storage specifically for homeowners. The question of whether adding battery storage to your home is a good idea is a bit more complex than that of just adding a solar system. The main considerations about whether home battery storage is worth it boils down to these four questions:1) Do you experience frequent power outages?
The primary reason most homeowners install energy storage is for emergencies. Electricity outages happen, and some parts of the country are more prone than others.
There is a push by some states to implement what''s called Time of Use (TOU) rates or demand charges for electricity and many utilities offer this as an optional program. With TOU billing you pay more for electricity during peak-use hours, often after the sun is lower in the evening hours and your solar panels, if you have them, are not generating as much power. Drawing power from your battery during these expensive times can be a nice cost-saving measure. Additionally, being able to store electricity, either from your solar system – or from the grid when power is cheaper, insulates you from future increases in the price of electricity.
3) Does your electric utility bill include demand use charges?
What’s a demand charge? This is a charge that is levied on electricity consumers for the maximum amount of power they use. With residential electricity users, this is uncommon, but it is increasingly common for commercial and industrial customers. Demand charges can account for as much as half or more of the total monthly costs for such companies.
4) Does your utility and state offer 1 to 1 net metering?
Net metering is great, allowing solar customers to send excess power generated back to the grid in exchange for a credit against your electricity bill. In some areas however, utilities only offer a partial credit meaning that if you were to generate a kilowatt-hour of excess electricity, the utility may only give you credit for half a kilowatt-hour on your bill. In these cases, to make the most of your solar system investment, storing the excess power in a battery (vs sending it to the grid) can make more financial sense.
The options for home battery systems are growing rapidly fueled by rising electricity costs and increasingly frequent power outages. Some of the best options on the market today include:
Tesla PowerwallsonnenCorePanasonic EverVoltElectriq Power PowerPod 2
Electric cars and trucks are gaining in popularity, and for good reason. Increasingly some of the models offer the ability to tap into the power stored in the vehicle''s battery in the case of a power outage. For example, Ford made a splash with their F-150 Lightning electric truck which features available Ford Intelligent Backup Power. This feature can power a home for up to 3 days on a fully charged battery, or up to 10 days if rationing power. This does require that the home be properly equipped and can be disconnected from the grid when using power from the truck battery. Other manufacturers are also developing this capability in a rapidly evolving market.
While there are many benefits to home battery storage, they can be expensive and can materially increase the cost of a solar installation. The typical home battery system will cost between $10,000 and $20,000 depending on several factors such as the number and capacity of batteries installed, the chemistry of the batteries and whether or not the battery has a built-in inverter.
Unlike solar panels, battery storage is less flexible in terms of tuning the capacity (measured in kWh) you''ll need. With solar panels, adding or removing a panel is easy to narrow in on the required generation. But with batteries, the amount of stored capacity jumps by larger increments so shopping around for the right size battery will help keep the cost within your budget.
The chemistry of the battery also plays a role in the cost. Most batteries use lithium ion, with the two most common types being nickel manganese cobalt (NMC) and lithium iron phosphate (LFP). NMC batteries are typically more power-dense while LFP batteries tend to last longer. In general, you can expect to pay 30-50% more for LFP batteries.
The above-mentioned critical load panel will also be a factor in the system cost. While critical load panels are not particularly expensive, the re-wiring involved can add to the installation cost. A critical load panel requires that you determine which circuits you want to prioritize during a power outage. Another compelling option is a smart electric panel which allows flexibility in directing your home power. While more expensive than critical load panels, smart panels are certainly a nice option to include in your system.
Finally, you''ll need to determine your need for an inverter which will influence the system cost. Batteries store direct current (DC) electricity, but your home uses alternating current (AC) electricity. Converting DC to AC is the role of the inverter. Some batteries come with their own built-in inverters, but if yours doesn''t, you''ll need to purchase one.
While above hardware decisions will typically drive about 50-60% of the cost of a battery system, the remaining costs (largely installation and other ''soft costs'') can add up. Typically some efficiencies can be gained by installing a battery at the same time as a solar system as this will avoid some re-wiring.
In terms of incentives, the federal investment tax credit is the best way to save on the system cost. The same tax credit that provides a 26 percent credit (as of 2021) on the cost of your solar panels and system provides that same benefit to storage systems, assuming certain criteria are met.
The primary factor that determines whether your battery is eligible for the tax credit is how you charge the battery. If you charge the battery exclusively with an on-site renewable resource (such as solar) then your battery is eligible for the full 26 percent tax credit. For a typical home energy storage system, the federal tax credit can reduce the cost of your system by up to $5,000. Many states also offer tax incentives for solar which may include batteries so be sure to ask your installer or tax professional what options are available to you.
Finding the right contractor can be the key to having a hybrid heat pump water heater installed correctly and safely, and is certainly easier than doing it yourself. Beyond word-of-mouth recommendations, local building inspectors or trade groups may have a list of licensed contractors in your area.
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