A home battery can solve a lot of problems. With enough storage, you can buy electricity when it's cheapest, then dole it out when you need it. Plus, you'll be protected in case of a blackout. Until very recently, the technology for a practical home battery system wasn’t powerful enough to keep the average home humming. However, several companies are now producing or developing home batteries that can change the way we power our residential electrical work.
High Generating Costs at the Margins
Many areas of the country are shifting toward variable time-of-day pricing models for utilities, in which electricity typically costs more during the day and less at night. Utilities want to incentivize daytime conservation because they need to meet the demand at any given time or risk brownouts. Since demand is much higher during the day, utility companies needs to bring on extra generating equipment, which is expensive. The more they can smooth out demand so they can produce similar amounts of electricity around the clock, the lower the overall costs will be.
That's where batteries come in. There's no way around consuming more power during the day – that's when Americans typically use their electrical work to power air conditioning, televisions, computers and other appliances. However, with enough home storage capacity, you can purchase electricity at night and store it in your home battery until you need it. That way, you pay less, the utility can ameliorate its variable demand problem, and everybody wins.
Competition Hits the Market
Tesla Motors was one of the first companies in the home battery field with its Powerwall, but now other competitors are swiftly preparing to hit the market. Currently, LG Chem and Samsung SDI are working on their own battery models, with LG Chem's product projected to be available in North America before the end of the year.
Globally, the home battery market could grow nearly tenfold, from $388 million today to $3.2 billion by 2020, according to Business Korea. The home battery field is poised to grow hand-in-hand with that of batteries for electric cars, since the technologies have a lot of overlap – in fact, some experts project that electric cars themselves will soon serve a second function as an energy storage unit for your home. They won't be as practical as stand-alone batteries for many families, since the cars are liable to be away from home during the day when the electricity is needed, but they can add capacity in an emergency.
A Helping Hand for Your Storage Capacity
We're just at the start of what promises to be a revolution in home energy storage options. For more information about what home batteries are available in your area, or if you need any other residential electrical work, contact an expert electrician today.