The global market for grid-connected, photovoltaic (PV) solar installations, coupled with energy storage is predict
ed to grow tenfold to reach more than 900 megawatts (MW) in 2018, up from just 90 MW in 2014. Australia can, and should, be a key player in the global storage market.
Forecasts by leading analysts Bloomberg New Energy Finance, predicts that Australia will have more than 50GW (50,000MW) of solar capacity by 2040, and more than half of all generation capacity will be “behind the meter” and located in households and businesses.
Photovoltaic (PV) electricity generation’s biggest weakness has been its inability to supply power at the times it is most needed. This can be addressed with the installation of battery systems that allow households and businesses to store renewable energy for use in peak periods.
The use of both photovoltaics and wind energy is increasing but it is the intermittent supply of both these sources of energy production that will drive the take up of battery storage.
As the price of electricity increases and the price of batteries decrease the use of batteries will become a better financial option for many people, particularly those that recognise the benefits to storing current electricity supply options and reducing the strain on the coal powered electricity generation supply at peak usage times.
Current trends in the energy sector are bringing batteries and other storage devices out of the niche markets and into the mainstream.
It is predicted that the uptake of battery energy storage will be greater in Australia than other countries due to the high cost of electricity here and the large number of households with photovoltaic panels.
Renew Economy editor, Giles Parkinson, has predicted battery storage is going to be about as big a change as has been seen in the telecommunications industry with mobile phones.
Cost reductions for batteries are expected to follow a similar path to that of photovoltaics as production increases. These lower costs will drive growth rather than the subsidies that originally drove the photovoltaics market.
If you recognise the value in utilising battery storage and would like to be one of the early adopters please visit our website at http://gridedge.com.au or feel free to contact us for more information at admin@grid-edge.com