With reduced feed-in tariffs, many Australian home and business owners are now asking the question: is it the right time to invest in battery storage?
Having your own solar battery means that you will be able to store your own produced power for use both during the times your panels aren’t producing and other high demand periods in the day. Others also take advantage of their ability to save and store up solar power in their batteries, by selling it back to the grid in periods of high demand. Giving them an easy and enviable way of extra cash.
However, it’s upfront cost is not cheap. A good quality standard 10kWh solar battery will usually cost $10,000. It’s a big number, and therefore it’s worth looking into well to ensure you get the most value and savings out of your money.
Buying Solar Battery Storage with Your Solar Set Up
Whenever you purchase something big, you often can get great deals with your supplier for other products that you can add onto the purchase. The same is true with solar battery storage. You save more money on the cost of the installation of your solar battery when you undertake it at the same time as the installation of your solar system. As analysts and installers are coming out to your location anyway, for one you save on extra costs in delivery. Retrofitting a solar battery to a solar system will often require re-wiring work as well, which adds further to the cost compared to an upfront battery installation.
Retrofitting Solar Battery Storage to a Pre-Existing Solar Set up
If you already have an existing solar system, it does not mean that you have missed out on the opportunity to have the convenience of storage. You can call professional solar battery installers to retrofit a solar battery to your solar panel system. While most people with solar systems don’t also have batteries today, it’s quickly becoming a popular option as energy bills rise as more people are staying at home. Retrofitting a solar battery may also require some additional electrical work and/or a new solar inverter. This is something worth noting when working out the cost of this endeavour.
Installing Additional Solar Batteries to a Solar Setup with Batteries
For those who already have solar battery storage but believe they might need more, you might be considering purchasing an additional solar battery. While this might make sense, it’s not something that our electricians recommend. Adding a new solar battery to a system with an old solar battery will make the new battery (as well as the rest of the system) degrade at a much faster rate. In this case, you are better off waiting. If it’s not possible to wait for supply reasons, such as if you are living off the grid, you will find yourself better off uninstalling your old battery before replacing it with the number of new batteries you require.
Waiting for Solar Batteries to Become Cheaper
Like anything that comes at a bigger cost, you may be wondering if you are better off waiting for the technology to become cheaper. Right now, the usual standard for a solar battery you will find on the market will offer 10kW for an estimated $10,000 with a 10-year warranty period. If you are looking to install a solar battery for greater savings, take the time to calculate whether the savings will pay back this investment within these 10 years.
A solar battery may make economic sense for your circumstances, depending on these factors:
- Energy Use
You save and make the most of investment in your solar with self-consumption. If you are a big energy user, then investing in a solar battery now may make great financial sense. Giving you an attractive return for the cost of the investment.
- Solar Battery Product
Not all batteries are created equally. Some batteries will promise a better performance and pay back period than others. Therefore, it’s important to compare different battery brands when you are looking to install a battery storage system.
Depending on where you live, you may have great access to sunshine. It also may influence the options you can get from your energy provider, how much you can earn from feed-in tariffs and what incentives you may be able to get from the Government. All factors that may bring up the returns a battery will give you and/or reduce the cost.
- When you can’t switch off during Peak Times
Energy use during peak demand times can cost you astronomically, but not everyone can decide to switch off when these times come. If you are running a business or office for example, you need to keep multiple appliances on for a long period of time. Solar batteries have contributed to a great deal of savings for some people in this situation. In addition to using generated or stored power during peak periods, solar battery owners have also been able to sell stored power back to the grid in these times for higher earnings.
Need help knowing if it’s right for you?
Buying solar batteries now is great for –
- A desire for energy independence
- Those living with frequent power outages
- Those with high energy bills
- Large energy consumers
- Businesses (on top of high energy use, you may be eligible for instant asset write offs)
- Those willing to pay a little more to greatly reduce their greenhouse gas emissions
You can also get obligation free assistance with our solar installers on how well your household or business can benefit from a solar battery. By taking your personal energy bills, habits, and location in mind, we can provide you with an estimate of what you can expect to save in 10 years.
Call us on 1800 975 270 or email us on [email protected] to get in touch with one of our solar installers now!