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Is It Worth Investing in a Solar Battery?

Author:

David Howie

As Australia embraces renewable power, many homeowners have begun to use solar battery storage systems. The reasons for this are many – and each reason is worth it! From maximised energy independence and reduced electricity bills to protection from blackouts being just some of them.

But how exactly do solar batteries work, and is it worth investing in one? In this blog, we delve into key factors you should consider in deciding whether or not a solar battery storage system will be worthwhile.

How Do Solar Batteries Work?

Essentially, solar batteries capture and store any ‘excess’ electricity produced by the solar panels you don’t use. By harnessing this surplus energy, batteries ensure a consistent power supply – even when sunlight is unavailable.

Solar battery storage boasts some key benefits – from energy self-sufficiency to supporting sustainability – so let’s delve into the factors you should consider when deciding if to invest in a solar battery storage system.

Price

According to a CSIRO GenCost report, battery costs fell the most in 2020-21 compared to any other generation or storage technology, which is a great sign. However, solar batteries can still come at a hefty fee, averaging of $1000 per kWh of storage. This price can vary based on many factors, such as:

  • How much storage you require.
  • The location of the battery (i.e. is it in your garage next to the main switchboard, or far away?)
  • Which manufacturer you go with (see here for our tips on the best solar batteries to choose)

Although installing a solar battery may set you back, it will also mean a reduction in electricity bills. By storing excess solar energy during the day and utilising it during peak demand periods or at night, you significantly reduce your reliance on grid electricity – which is undoubtedly wise in Australia’s unprecedented energy price hikes.

Ultimately, a solar battery system is a long-term investment that will help safeguard you against these price increases by lowering your grid consumption significantly.

Government Rebates & Assistance

It’s also important to note that the Australian government have a range of rebates and assistance on offer to lower the financial burden of installing a solar battery storage system. For example, the Smart Distributed Batteries Project offers significant discounts on battery installation in certain NSW councils. Under this scheme, a 10 kWh battery exporting up to 5 kW would be eligible for a $4950 discount. Victoria also offers a solar battery rebate!

To see if you might be eligible for a government rebate, use this search and select ‘batteries’ under ‘I am interested in these areas’.

Energy Independence & Self-Sufficiency

One of the most compelling reasons to invest in a solar battery is to achieve energy independence. Relying less on the electricity grid offers peace of mind and ensures a consistent power supply. A solar battery system even protects you against blackouts and adverse weather events (which Australia is no stranger to!) that can disrupt your power supply.

By providing a reliable backup power source during emergencies, a solar battery system ensures that essential appliances and devices in your home, like your fridge (… and Wi-Fi), remain functional. This added layer of preparedness can be invaluable, particularly for those in remote areas or regions prone to power outages.

Time-of-Use (TOU) Optimisation

Because the amount of energy consumed and the amount of energy produced varies throughout the day – with energy produced peaking at 10am to 2pm and energy consumed peaking from 4pm to 9pm – retailers are introducing time-of-use (TOU) pricing, where the cost of electricity varies based on the time of day.

However, using a solar battery means you are less susceptible to these price hikes in peak times – so you can use the oven to make a nice hot dinner after work without worrying about increased energy prices! Ultimately, this means you’ll be able to save money on electricity, especially as more retailers begin to implement TOU pricing.

Sustainability

Beyond the financial and logistical benefits of solar battery storage, investing in a solar battery also aligns your household with Australia’s commitment to a sustainable future.

By storing and utilising clean, renewable energy, you reduce your carbon footprint and contribute to a greener environment. With each kilowatt-hour of solar energy consumed, you reduce the need for conventional fossil fuel-based electricity – helping combat climate change and preserving Australia’s natural resources.

What Next?

From price considerations and increased sustainability to energy-self-sufficiency and protection from blackouts, that covers the key things to consider when deciding if you’d like to make a long-term investment in a solar battery system.

Suppose you’re ready to take the next step? Think Renewable’s expert team of solar and battery specialists will ensure you get the best deal possible, connecting you with the ideal solar battery system for your household’s needs. Contact us to get started.

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