Many smart storage systems allow you to keep track of your energy use online and charge the batteries with low rate electricity from the grid if you’re on a tariff that is cheaper at certain times of day, such as Economy 7. We’re starting to see energy storage playing a role in smart energy management at grid level.
By incorporating a smart home energy storage system such as the Tesla Powerwall, households are able to capture and utilise this low-cost energy, potentially reducing their energy bills by up to 75%. This approach also enables homeowners to take full advantage of flexible energy tariffs. The Evolution of the UK’s Residential Energy Storage Market
Many renewable energy sources, particularly solar and wind may generate electricity at a time when it’s not needed or the electricity may not be available when you want to use it. With an electricity storage system, you can store electricity as it is generated and then use it later.
Homes with a solar PV system and a divert device, which uses spare electricity from a renewable source to heat hot water, or with a phase-change material heat battery (see earlier), may usually see very limited financial benefits from also installing an electricity battery storage system.
Energy storage works well with the idea of the ‘smart home’. Many smart storage systems allow you to keep track of your energy use online and charge the batteries with low rate electricity from the grid if you’re on a tariff that is cheaper at certain times of day, such as Economy 7.
In conclusion, domestic battery energy storage systems like the Tesla Powerwall are revolutionising how UK households manage and consume energy. With the potential to significantly reduce energy bills, enhance energy security, and support environmental goals, these systems represent a smart investment for the future.