How can people benefit from energy storage systems?

Energy storage systems are various technologies and methods used by people to store power that people can later draw to perform valuable operations. For example, most renewable power sources like solar power, tides or wind are intermittent. Sometimes, people do not directly use renewable energy when power is available, but they want to use energy at other times. Therefore, they need power storage to be utilized whenever required. Power is available in different types, including radiation, gravitational potential, latent heat, electricity, electrical potential and chemical. Almost every power storage system wholesaler offers other technologies and methods to store different types of power. The grouping of power storage can be done into five extensive technology categories.

Battery and Thermal storage

Batteries are the oldest, most widely accessible and common type of storage. They are an electrochemical technological system consisting of at least one cell with a negative terminal called anode or a positive called cathode. Batteries use a variety of chemistries. Lead-acid and lithium-ion are the best utilized and extensively used in vehicles and portable electronic gadgets. Other solid batteries are sodium-sulfur and nickel-cadmium, whereas zinc-air is developing. Another kind of battery is flow batteries equipped with fluid electrolyte solutions, including zinc-bromine, iron-chromium, and vanadium redox chemistries. Thermal storage essentially involves releasing and capturing cold or heat in a solid, air, or liquid and possibly involves changes in the storage medium’s state. For example, from liquid to gas or liquid to solid and vice versa. Technologies encompass power storage with cryogenic storage or liquid air and molten salt. The emergence of molten salt is commercially practical with concerted solar energy, but this energy storage method and others might be limited as huge underground energy storages are needed.

Benefits of power storage for businesses and humans

Energy storages offer resiliency, financial benefits and integrate renewable energies

The power industry is capable of supplying electricity even in case of adverse situations like huge storm events or other kinds of power outages. And that is exactly what power storage offers: emergency backup energy. When people connect an energy storage system to a solar energy system, they can keep their lights switched on even if they are experiencing a grid outage. These days, the main reason behind energy storage by businesses and homeowners is to get resiliency benefits. Even though backup energy is the main reason behind energy storage installation today, storage systems can also provide financial advantages. When people have to pay demand charges or are on a use rate’s time. In both these cases, people can get energy from their energy storage system. In addition, power storage can help add to the money savings people get from solar if they are not using one-to-one net metering by permitting people to consume a greater portion of solar that they can generate on-site. A huge benefit of an energy storage system is that it lets the power grid to integrate renewable energy in a better manner. Renewable energy source like solar and wind power are intermittent, which means that they produce energy inconsistently. Storing excess energy generated when the sun is shining or the wind is blowing will help to ensure a steadier flow of power onto the grid.

In addition to helping with renewables, energy storage can also provide resiliency during outages. For example, a storage system could keep the lights on for critical facilities like hospitals during an outage. They can also help to defer upgrades to the grid by absorbing excess energy at times of low demand.

Energy storage systems offer a number of financial benefits as well. By reducing peak demand, they can help avoid expensive charges from utilities. They can also provide a financial return through arbitrage, or the buying and selling of energy at different prices. And, finally, storage systems can qualify for government incentives like the federal Investment Tax Credit.