Exorbitant battery storage costs prevent rooftop solar installations from paying for themselves in the long run, making home energy storage an impractical use for average UK consumers in the foreseeable future, a new study determined.
As the renewable energy industry continues to draw more interest from environmentally conscious consumers, battery storage technology is becoming more sought after as a means to harness energy for future consumption. For example, solar panel batteries can store excess energy captured during the daytime and use that energy to keep the lights on after the sun goes down. Consumers are encouraged to purchase solar panels with promises that, in the long run, they will save money on monthly electrical bills.
However, a study released Monday by the Global Warming Policy Foundation revealed that battery storage is simply too costly to provide long-term financial benefit.
“The price of batteries is relatively high, but the possible savings from adding them to a rooftop solar installation are quite limited, particularly as a fraction of the typical electricity bill. When you add up the costs and benefits, it is quite clear that they are a waste of money,” Capell Aris, a former reactor physics specialist and a fellow at the Institute of Engineering and Technology, wrote Monday.