If you’re wondering whether solar battery storage is worth an investment or not, the answer is always yes! Recently, many homeowners started purchasing back-up storage options like the Tesla Powerwall recently taking off in the market.
There are several benefits to incorporating back-up battery storage to your existing system. One of which includes the ability to access electricity during power outages and inclement weather. Here is what you need to consider before installing solar battery storage for your Rhode Island solar energy system:
How Does Solar Battery Storage Benefit My Rhode Island Solar Energy System?
There are many benefits to incorporating solar battery storage to your existing solar energy system. Besides utilizing more solar energy onsite, you can save back-up power for when the grid malfunctions. You can also get away from paying demand charges if you use your battery’s power when rates are at their peak. Demand charges refer to the additional fees charged by utilities to maintain a constant supply of electricity. These are supplemented to the monthly electric bills at definitive periods during a surge in electrical usage.
How Much Does Solar Battery Storage Cost?
The costs to implement solar battery storage depends on your existing solar panel system. If you already have an inverter that integrates batteries, you won’t need additional equipment to install. Otherwise, you will need to either couple your inverter with a separate inverter or replace it with one that works with your battery. Tesla Powerwall 2 has a built-in inverter to integrate your old one, with costs starting at $10,000 (without installation costs) and increases with labor and additional batteries.
We recommend Tesla for retrofits which has this built in, or recommend Enphase or SolarEdge for our clients which already have those inverters. As for the solar batteries, the cost depends on your purpose for implementing them into your existing system. It is important to note that it is nearly impossible to live entirely off the grid, and 100% rely on your battery.
These batteries can only be used temporarily and not for an extended period. For a few hours of back-up for power outages, Generac can do the job. Generac batteries go at about $12,000. An Enphase storage system is useful if you want to reduce demand charges and lower electricity consumption. The prices for Enphase batteries can cost between $6,000 and $20,000 depending on the models. Generac’s new PWRcell solar batteries provide the highest quality of batteries at a reasonable cost. Additionally, the installation labor costs vary depending on your area, so it’s best to consult a local solar installer like Green Power Energy.
Are There Any Incentive Programs for Installing Solar Battery Storage?
The installation and equipment can be quite expensive, making it ideal to enroll in incentive programs to minimize these costs. Good thing ConnectedSolutions introduced an incentive program to ease your upfront costs and offer financial incentives. You can be eligible for this program when installing a battery storage system along with their supported inverters. These inverters and batteries are the following:
- Generac PWRCell
- SolarEdge (National Grid Only)
Consumers can also have the ability to apply for a HEAT loan that covers the material and labor costs. It is also important to note that various batteries emit different amounts over the demand charge period, meaning that your earnings depend solely on your battery’s performance.
This program pays you for your participation when you contribute to your battery’s average energy during the summer and winter season. You can receive $225 per kilowatt (kW) during summer events and $50 per kilowatt (kW) in wintertime. On average, you can earn up to $1,375 each for merely joining the program.