The Age of Energy Storage

Posted on November 6, 2015
The combination of solar integrated storage solutions and efficient grid technology emerging has started the age of energy storage.The battery storage sector's rapidly progressing market over the last few years has stamped the beginning of a significant transition of how businesses, homeowners, utilities and government agencies use energy.More affordable prices and a large increase in revenue have resulted in higher enthusiasm and public interest, and a growing number of companies of various sizes are planning on entering the market or increasing their already existing storage product range.2015 has previously been called the 'Year of the battery', but the 'Age of energy storage' is now a better description due to a number of factors.The shift of the mood surrounding energy storage can be demonstrated by the world's excitement over the Tesla Powerwall.The Powerwall announcement took the world by surprise, and it not only educated the public about the wonders of energy storage but it made it a topic of interest in mainstream media and financial outlets all over the world.The residential battery storage system has been described by Tesla CEO Elon Musk as changing the “entire energy infrastructure of the world”.

Energy independence important in the Age of Energy Storage

Powerwall deliveries are now expected to hit Australia late this year, and the hype is huge, but in places such as Japan and Germany, storage solutions have been accessible for about 3 years now.Although the volume is little because of large costs, the effect has been very impressive.It is now mandatory for installers and distributors of residential systems to include storage in their portfolio of products.The focus has moved from how much a system will cost to how energy independent it will be.Large companies such as Panasonic, Tesla and LG releasing energy storage solutions and solar companies offering energy storage products shows the first glance of skyrocketing Australian and US residential storage markets.There are many storage variations within the market, and it is clear there is no 'one size fits all' option available.Already there are many potential and existing smart battery technology applications, and a huge number of companies involved.This combined with the difficult method of calculating business case achieved using storage solutions (and thus difficult application of ROI) contributes to a focus change to energy independence, to the product and its technical features.

Australia's market is encouraging

Australia is a great location for market growth, hence why it was selected for the first Powerwall deliveries.According to a report by Energeia, battery storage systems could be being installed in Australian households at a huge rate of 55,000 per year within a decade.Research on Australian solar power installation has revealed a dramatic increase in renewable energy utilisation over the past few years, and has made Australia the new world leader.This as well as peak use periods generating high demand charges has resulted in the government being open to speed up the market of domestic storage.It is clear the Australia market is a key player in the age of energy storage, and many large companies are eyeing it off.The age of energy storage is just one part of the global renewable energy revolution, but it is exciting to see the continual advancements within the industry.