Energy storage: innovations to welcome and host renewables

Developing energy storage solutions for surplus energy offers several economic and environmental benefits.

For instance, a power company can save substantial operational costs through energy storage mechanisms.

In addition, these storage solutions can reduce the need for frequency regulation.

Ultimately, the consumer will benefit from the significant reductions in their energy bills.

Additionally, individual households can lower their consumption costs by installing energy storage equipment.

According to the IRENA, emerging electricity storage technologies can reduce the total cost of a Lithium-ion (Li-ion) battery by a whopping 54%-61% by 2030.

In Germany, for instance, between 2014 and 2017, the total installed cost of Li-ion battery systems designed for small-scale applications decreased by 60%.

Such significant drops in the overall costs have occurred due to successes in the economy, as companies have witnessed.

Besides production, another area where companies can bring prices down is the manufacturing value chain of battery systems.

They have created many research and investment opportunities for private organisations, which they now leverage.