It’s no secret that we need more energy from green energy sources like wind, water, and solar. Fortunately, these investments are going fast. By 2026, we should expect to see at least a 60% increase in these investments, even from 2020 levels.
With unprecedented growth comes unprecedented innovation. One of the biggest challenges we need to overcome is our renewable energy storage. Let’s talk about that!
How Can You Store Renewable Energy?
Solar energy storage is one of the most essential but often overlooked aspects of our transition away from fossil fuels. One of the biggest complaints about solar and wind energy is that “if it’s a cloudy or windy day, your cable goes out.”
If our grid only used solar and wind energy, that may be true. However, if we have the means to store that clean energy, then we can continue feeding the grid at night, without wind, 24 hours a day, 7 days a week!
Consequently, the demand for renewable energy storage is at an all-time high. Believe it or not, the industry expects growth of $620 billion in new investments in the next two decades. That’s a staggeringly high number, especially considering how new the technology is.
Of course, energy storage requires a battery, but there aren’t enough AA batteries in the world for the scale we need. As a result, we need to collectively invest in new strategies.
However, we don’t yet have the means to install large lithium-ion batteries on every property, and there are problems that arise with every material. Therefore, new innovations are currently taking place to allow clean energy to feed into large-scale energy storage solutions both at home and feeding into the grid.
How Much Energy Can You Store?
Stored energy is measured in kilowatt-hours or kWh, and the amount you need depends on several factors.
This depends entirely upon the system you purchase. Some energy storage systems can hold 10 kWh, which is more than enough to offset peak energy usage for the average household. This could potentially save a lot of money on electric bills each month.
Conversely, there is a wide range of sizes for energy storage solutions. It entirely depends on your energy demand, available space, and the type of storage solution you purchase. The higher the demand, the bigger the battery, and the more expensive it will be.
Even so, if you’re already using that energy at home, chances are that you will save money in the long run with the right energy storage solution.
Can You Live Off-Grid With Renewable Energy Storage?
If you have enough solar panels and energy storage, then yes. You can live entirely off-grid. However, this isn’t attainable for the average homeowner.
The average US homeowner uses around 29 kWh of electricity every day, and their peak energy consumption is at night. Assuming everything in your house runs on electricity, you would probably have a relatively high energy demand.
Consequently, you would need enough renewable energy flowing in and enough storage to go through the night. Achieving this could be quite expensive upfront.
How Much Does Renewable Energy Storage Cost?
If you install an energy storage solution at your home, you receive a federal tax rebate on your renewable energy storage solution. That’s because of the provisions in the Inflation Reduction Act passed in August 2022.
As a result, you can receive up to a 30% rebate on your taxes (if you owe a tax bill) based on the cost of installation. This includes your storage solution, solar panels, and other green technology like heat pumps or electric vehicle chargers.
Of course, this will cost more or less depending on your energy needs. If you have all electric appliances and you’re completely off the grid, then expect high upfront expenses.
While you will save with the tax rebate, that isn’t the only way to use this technology. Believe it or not, you don’t even need a large down payment to get started.
What If You Don’t Have Solar Panels?
Alternatively, you can avoid the large upfront expenses of these systems altogether. Even if you live in an apartment, townhouse, or condo, you can still invest in clean energy storage!
With Chariot’s residential plans, you won’t need to install anything at your home. Instead, you can have your share of energy stored off-site and used entirely on the grid, which will save you money and reduce your carbon footprint.
Moreover, this ability comes from Texas’s energy independence plans both statewide and at the local level. It’s similar to community solar programs but with added energy storage to feed the grid. You will own your share of the electricity produced and stored and pay a discounted rate based on what you would normally pay your utility.
Essentially, you’re storing solar energy off-site to make up for your current energy consumption. Therefore, as long as you’re connected to the grid, you have access to it.
All this does is simplify your electric bill in a cost-effective way with no surprise fees or added gimmicks. Clean energy is much cheaper to produce than energy from fossil fuels, and it’s safer for everybody. So, why not invest in it now and get ahead of the curve?
Go Green Today
Now that you know how to invest in renewable energy storage for your home, there’s no time like the present to get started. The sooner you do, the better off your home, community, and planet will be!
Stay up to date with our latest clean energy news, and don’t hesitate to contact us to get some of the most competitive rates in Texas!