Domestic Renewable Energy Storage – to store or not to store

Domestic Renewable Energy Storage System Victron Energy Monkey
Domestic Renewable Energy Storage – Recent technological advancements have transformed the concept of domestic renewable energy storage.  Smart homes can monitor their energy usage online and recharge their renewable energy storage system from solar PV, which provides an infinite supply of green renewable energy. So is renewable energy is worth it?

What is domestic renewable energy storage?

Domestic renewable energy storage, commonly referred to as battery storage, gives you the ability to capture electricity from a renewable source (such as a solar panel) and save it for future household use.  Usually, solar energy is stored in batteries during the day and utilised at night. The cost of capturing and storing largely depends on the components you have installed. We will now look at a typical setup and the expenses involved.

Cost of storing energy at home

It is true that during the early stages of the solar market boom, the cost of pursuing domestic renewable energy storage was high. Government incentives were needed to persuade early adopters. Thankfully, over the past five years, prices have come down, which means it is now more affordable to enjoy the benefits of domestic renewable energy storage. We have outlined below the estimated costs that are involved with adopting a solar photovoltaic system at home:
  • A 5-kWh battery storage system with a life expectancy of 7 – 9 years will cost approx £5,000
  • A 5-kWp solar PV panel installation will cost approx £6,200
  • The total cost of the entire system will amount to approx £11,200
The overall life expectancy of the entire solar photovoltaic system is 25 years. This means that, over the course of this period, you will need to install more than one battery unit.

Is domestic renewable energy storage worth it?

Since the emergence of domestic renewable energy storage, costs have declined by 60%. It is now more viable than ever, and many of the beneficial aspects of pursuing it are mentioned below:
  • Increase in property and asset value
  • Reduction in carbon footprint by going green
  • Self-sufficiency and independence from the grid
  • Considerable backup in the event of grid failure
  • Reducing dependency on fossil fuels which are becoming increasingly expensive.
  • Savings on electric bills of up to £15,000 (£50 per month over 25 years)
  • Avoiding the cost of connecting to the grid (£6,000 – £50,000)
  • New export payment schemes
In short, adopting domestic renewable energy storage is definitely worth it!

Final considerations

At the end of the day, it largely depends on what you want to achieve from domestic renewable energy storage. The long term benefits of pursuing it are undeniable. There are always people that will see the initial setup cost of domestic renewable energy storage as expensive which may deter you from pursuing a system. If you are interested in a clean energy source which helps the environment, adopting domestic renewable energy storage might be the answer for you. You can contribute to a better tomorrow for your generation and the next. For more information and guidance on energy storage systems please call Energy Monkey now on 01452 699300 or send us a message.