Is energy storage profitable?
Imagine that your solar panels are a factory that produces electricity, and the energy storage is like a big box in which you can store this energy. When the sun is shining, your panels produce a lot of energy, but you don't always need it. Instead of wasting this excess energy, the energy storage will "catch" it and store it for later. Thanks to this, when the sun is not shining, for example in the evening or on cloudy days, you can use the energy you have previously stored. It's a bit like collecting rainwater in a barrel so that you can water your garden with it when it's not raining. So, as you can see, whether energy storage is profitable depends on whether you want to use the energy produced to the maximum.
Energy storage increases the profitability of photovoltaic installations by allowing excess energy production to be stored for use during times of energy shortage or when it is more expensive. This reduces grid dependence and lowers costs, maximizing the benefits of self-generated energy.
Why is it worth it? When you have energy storage, you're less dependent on buying electricity from suppliers who often sell it at higher prices, especially at times when people use it the most. If you store your own energy, you can use it when electricity prices are highest, saving you money. It's like having your own little gas tank when gas prices go up. Additionally, using your own energy is more environmentally friendly because you use clean energy from the sun instead of that from power plants that can pollute the air.
Changes to energy settlement rules in Poland from July 2024
In Poland, from July 2024, a new electricity settlement will be introduced. It will be based on energy prices on the commodity energy exchange, settled on an hourly basis. This means that the price of energy will change throughout the day depending on supply and demand. As a result, at times when photovoltaic installations generate the most energy (usually during the day), sending excess energy to the grid may be less profitable due to lower purchase prices through the grid.
This system aims to manage energy production and consumption more efficiently, adjusting prices to actual demand. For owners of photovoltaic installations, this may mean a change in the strategy for managing the energy produced. Instead of selling excess energy during its peak production period, it may be more profitable to store it in an energy storage system and use it when energy prices are higher, typically in the morning and evening.
Green color – electricity price in a given hour
Blue color – production from a typical photovoltaic installation
How do energy storage affect the return on investment?
Energy storage is a significant element in increasing the efficiency of photovoltaic investments. Their main task is to store the energy produced by solar panels. This is especially important in periods when production exceeds current demand. This allows energy that would otherwise be unused or sold at a lower price to the grid to be used at a later time. This reduces dependence on the power grid and allows for optimization of energy costs. Especially in the face of changing tariff models, such as the change in Poland to energy settlement based on stock exchange prices in hourly cycles. In practice, this means that energy stored during periods of overproduction, when its price on the stock exchange is low, can be used when prices are higher, which directly translates into savings.
From the point of view of return on investment, energy storage shortens the time needed to recover costs incurred. By maximizing the use of the energy produced, owners of photovoltaic installations can significantly reduce their electricity bills. In the current market reality, where electricity prices are variable and tend to increase, the ability to store and use your own energy when it is most expensive becomes financially attractive. Additionally, with the falling costs of energy storage technology, this investment is becoming more and more affordable. As a result, photovoltaic systems integrated with energy storage not only increase energy independence, but also become economically beneficial, accelerating the return on investment and increasing its profitability on a long-term scale.
Advantages of installation with energy storage
Energy storage installations bring many benefits, both for the environment and for users. There are several key advantages:
- Increased auto energy consumption: Energy storage allows you to use more of the energy produced by photovoltaic panels. Instead of selling excess energy to the grid, you can store it and use it when the panels are not producing energy, for example at night.
- Reducing energy costs: By storing energy, you can avoid buying expensive electricity from the grid during peak hours. In the long run, this translates into significant savings in electricity bills.
- Increasing energy independence. Energy storage allows for greater self-sufficiency and independence from external energy suppliers, which is especially important in the event of network failures or fluctuations in energy prices.
- Environmental Protection. The use of energy storage contributes to the reduction of carbon dioxide emissions because it allows for more efficient use of renewable energy sources such as solar energy.
- Increasing the durability of PV installations. Energy storage can help balance the load on photovoltaic installations, which can extend their lifespan.
- Availability of energy reserve. In the event of a grid failure or other crisis, the energy storage can provide the necessary energy reserve (this option is available for installations with a hybrid inverter)
- Support for the power grid: If properly managed, energy storage can also support the stability of the electricity grid by providing energy during periods of grid shortage.
Growatt energy storages
At PVGroup.pl, we offer innovative Growatt energy storage facilities, which are a comprehensive solution for anyone who wants to maximize the benefits of photovoltaics. The Growatt battery pack features high capacity, advanced battery management system (BMS) and necessary components for easy installation. These lithium iron phosphate batteries are cobalt-free, ensuring a high level of safety and reliability.
Our ARK batteries work with both 3-phase SPH/XH series inverters and single-phase SPH/XH inverters. This ensures efficient energy management for various needs. Additional features such as modular design, the ability to remotely update software, as well as long service life and a 10-year warranty make them an ideal choice. ARK batteries are resistant to weather conditions (IP65 protection level), have compact dimensions and low weight. Advanced cell voltage monitoring and balancing functions ensure long-term and failure-free operation of the system.
We invite you to take advantage of the Growatt energy storage offer to reap the full benefits of your own photovoltaic installation. Contact us to learn more and start your path to energy independence!
Summation
To sum up, energy storage installations offer a number of benefits that are crucial from the perspective of both the individual user and wider society. First of all, they enable much more efficient use of the energy produced by photovoltaic panels. They increase self-consumption and reduce dependence on external energy sources. This translates into lower energy costs for users as well as increased energy independence.
In an environmental context, the use of energy storage is a step forward in promoting the sustainable use of renewable energy sources. This contributes to reducing emissions of harmful greenhouse gases. Additionally, the flexibility offered by energy storage allows you to adapt to changing market and tariff conditions. This is particularly important in light of the upcoming changes in the method of energy settlement in Poland from July 2024.