Battery storage: Is it worth it?
As the cost of batteries continues to fall, more and more homeowners are considering installing battery storage in their homes. Battery storage can provide a number of benefits, including reducing your electricity bills, providing backup power during power outages, and even earning you money through Variable Smart Export Tariffs.
Before making the decision to install battery storage, it's important to consider the value it will bring to your home. To calculate the value of battery storage, there are two main factors:- when you use the electricity at home, and how much you use. If you find that most of your energy use is in the evenings (if you have 1 or multiple people who work out of the home during the day), then a battery storage system will provide a great benefit. If you have an existing solar PV array, an easy way to check is how much you are exporting - every Kwh exported is power that could of been potentially stored and used at a later date - with the cost saving being the difference between the export price and the incoming supply price.
In most cases, battery storage will provide a positive return on investment, especially if you live in an area with high electricity prices. However, the payback period can vary depending on the factors mentioned above. In general, the larger the system and the higher the electricity prices, the shorter the payback period will be. One thing to note is that every battery system we offer can have additional batteries added at a later date - if you find your always at full charge, we can always install additional batteries easily. We would normally reccomend being a little pessimistic initially and going for a single battery, and adding more at a later date if needed.
If you're considering battery storage for your home, be sure to do your research and calculate the value it will bring to your specific situation. With the right system, battery storage can be a great investment that will save you money and provide valuable backup power for years to come.